Global Economic Conditions Survey: Q1 2025

Confidence among global accountants declined again in early 2025, although the fall was much less marked than in Q4 2024, according to the latest ACCA and IMA Global Economic Conditions Survey (GECS).

The Q1 2025 survey suggests that confidence remains at its lowest since Q2 2020. One encouraging sign was another modest rise in the global New Orders Index, which is slightly above its historical average.

Confidence plunged in North America in Q1 to its lowest on record amid a huge fall in the US. Confidence among US-based accountants is at its second lowest ever, with commentary from survey respondents suggesting that US trade policy has been the key factor weighing on sentiment, as well as cuts in government spending.

With global trade tensions stepping up markedly since the survey was completed, the downside risks to the global economy have increased significantly.

Asia Pacific and Western Europe saw decent gains in confidence, after sharp falls in previous quarters, despite the growing risk from US import tariffs. Meanwhile, cost pressures increased globally. They remain very elevated in Western Europe and rose quite materially in North America. 

The economy remained the highest overall risk identified by accountants in Q1, but responses varied across sectors. Cybersecurity was the highest for financial services and tied in first with talent scarcity for the public and not-for-profit sectors. The corporate sector ranked economic woes first and geopolitical instability a tight second.

Running since 2011, GECS – carried out jointly by ACCA and the Institute of Management Accountants (IMA) – remains the world’s largest regular survey of accountants, both in terms of the number of respondents and the range of economic variables monitored. 

GECS provides global and regional analysis of: 

• North America
• Western Europe 
• Africa 
• Asia Pacific 
• Middle East 
• South Asia.