Accountants are entering 2026 with a notably cautious view of the global economy, according to the latest Global Economic Conditions Survey published jointly by ACCA and the Institute of Management Accountants.

“Accountants remain cautious entering 2026, amid a highly uncertain global backdrop,” said Jonathan Ashworth, chief economist at ACCA, noting that while a major slowdown is not yet indicated, another global shock could push businesses toward deeper retrenchment.   

The Q4 2025 survey, based on responses from nearly 1,200 finance professionals worldwide , shows that confidence remains weak by historical standards and largely unchanged from earlier in the year, despite improving from the low point recorded in the first quarter of 2025. 

The survey points to persistent signals of restraint across key indicators. The Global New Orders Index declined for a third consecutive quarter, suggesting some moderation in global growth, while confidence among CFOs improved modestly but stayed below its long-term average.

Employment and capital expenditure indicators, particularly in advanced economies, reflected pronounced caution, with North America’s Employment Index falling to a record low, even below levels seen during the pandemic. 

Regional trends diverged and sentiment strengthened in Asia Pacific, supported by resilient global growth and technology-related exports tied to the ongoing AI boom, while confidence in North American weakened amid higher import tariffs, elevated interest rates, and policy uncertainty.

Accountants also identified economic pressure, cyber disruption, and geopolitical instability as their top risk priorities, underscoring the increasingly interconnected nature of global risks.