
The Q4 2024 Global Economic Conditions Survey (GACS), conducted by the Association of Chartered Certified Accountants and Institute of Management Accountants, reports a significant drop in global confidence among accountants and finance professionals, reaching its lowest level since mid-2020.
Despite global declines, the U.S. stands out as an exception, registering its second consecutive quarterly increase in confidence, buoyed by economic resilience.
In Western Europe, confidence fell sharply, with the U.K. hitting a record low, influenced by new tax hikes for employers. Asia Pacific and North America also experienced downturns, with concerns over China’s economy and potential U.S. tariffs dampening sentiment. However, U.S. confidence remains slightly above historical averages, offering a positive note amid broader uncertainty.
On a brighter note, global cost pressures have eased compared to historical trends, although Western Europe remains an outlier. Seventy-five percent of respondents (from the region) report increased costs. The survey also highlights shifts in accountants’ risk priorities, with economic risks, talent scarcity, regulatory changes and cybersecurity taking precedence.
The report suggests that while global economic growth remains vulnerable, resilient new orders and capital expenditure indices hint at some stability. Regional nuances underline the varied challenges facing the profession.