The Global Economic Conditions Survey (GECS) is the largest regular economic survey of accountants in the world. There was a slight fall in confidence in Q2 this year, but it still remains high from its Q1 peak. However, the dip reflects mounting fears of a trade war between the US and China, which has weighed heavily on sentiment recently.
North America was once again the most confident region in the world in the second quarter, followed closely by Africa.
In the UK, Economic confidence plummeted in the second quarter and is now well below the historical average. It comes alongside challenges faced by the UK in coming to an agreement with the rest of the European Union on the terms of its exit from the bloc.
Sentiment in China also fell sharply in the second quarter. In addition to the tariffs the US has already imposed on China, in late June the US administration threatened to impose another US$200bn of tariffs on Chinese goods. The move prompted a sharp fall in the stock market, which having fallen 20% from its recent high is now in bear-market territory.