According to a July 2 ACCA and IMA Global Economic Conditions Survey (GECS), confidence among accountants globally increased to its highest level since Q3 2024.
The latest survey indicates that global confidence improved in Q2 2025, but it is still at a low level by historical standards.
Meanwhile, the shifts in the other key indicators were modest. The New Orders and Capital Expenditure indices
dropped although the former is at its historical average and the latter not much below, and both are at levels
broadly similar to other readings since the Russian Ukrainian invasion.
But, the Employment Index improved and is not very far below its historical average. Confidence among chief financial officers (CFOs) dropped slightly, and the index for them is now very similar to that of the broader panel. There was also a notable deterioration in their perception of new orders.
In terms of North America, confidence in the region increased in Q2 in the midst of some improvement in sentiment in U.S.-based accountants, but it is still depressed compared to historical standards. Additionally, the other key indicators for the region are at low levels historically.
The survey showed that there was another moderate gain in confidence in Western Europe, aided by a further improvement in the UK from its record low in Q4 2024. Confidence in the region nonetheless is still low historically.
Meanwhile, there was also a steep dip in confidence in the Asia Pacific, taking out the gains in Q1 2025. The deterioration in the backdrop for global trade—in the midst of significant changes in U.S. trade policy—was likely the key element that was bringing sentiment down.
During the time of the survey, many countries in the region were experiencing the threat of large added increases in U.S. import tariffs once the 90-day tariff pauses ended on Jul. 9.
GECS, is a joint effort by the Association of Chartered Certified Accountants and Institute of Management Accountants is the largest regular economic survey of accountants globally in both the number of participants and the gamut of
economic variables it looks at. Fieldwork for the 2025 Q2 survey took place between Jun. 3 to 23, with 420 responses: 286 ACCA members and 134 IMA members.