SINGAPORE, 27 October 2025 — Confidence among global accountants declined slightly in the third quarter of 2025 following a modest rebound in Q2, according to the latest Global Economic Conditions Survey (GECS) by the Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants (IMA). Despite some resilience in earlier quarters, global confidence remains at a historically low level.
The survey’s leading indicators, including New Orders, Capital Expenditure, and Employment indices, all fell in Q3, signalling increased caution about the global outlook. The Global New Orders Index recorded its second consecutive decline, reaching its lowest point in the post-pandemic era.
Meanwhile, the Capital Expenditure Index dropped to its weakest level since the aftermath of Russia’s invasion of Ukraine, and the Employment Index reflected sluggish job markets in multiple economies.
“While the global economy proved more resilient than expected in the first half of 2025 despite major trade disruptions, all our key indicators declined by varying degrees in Q3,” said Jonathan Ashworth, Chief Economist at ACCA.
“The readings don’t necessarily point to an imminent slowdown, but they do suggest the risk of weaker growth in the coming quarters. Developments in the U.S. economy, international trade, and geopolitics remain key areas of uncertainty.”
Regional Divergences Emerge
Confidence levels varied across regions. North America saw a strong rebound in sentiment, largely driven by improving confidence among U.S. accountants. However, the region’s New Orders Index fell sharply to its lowest since the height of the pandemic in Q2 2020.
“Uncertainty persists over the U.S. economy,” noted Alain Mulder, Senior Director for Europe Operations & Global Special Projects at IMA. “The jobs market has softened, but GDP growth was likely solid again in Q3. Our indicators suggest a challenging environment and some slowing in growth, but not a major downturn. With monetary policy easing, record-high stock markets, and strong AI-driven investment, the outlook remains cautiously optimistic.”
In the Asia Pacific, confidence improved slightly, supported by the resilience of global demand and easing tariff-related concerns. In contrast, Western Europe saw confidence decline sharply, led by the United Kingdom, where fears of significant tax hikes in the upcoming Budget have dampened sentiment.
“Given that most countries now face significantly higher U.S. import tariffs, the latest results are broadly encouraging,” said Daniel Leung, Country Manager of ACCA Singapore. “This may be due to reduced trade policy uncertainty, continued global resilience, and strong AI-related investments, especially in the U.S. As a trade-dependent economy, Singapore remains vulnerable to global demand shifts, but our strength lies in our adaptability. Continuous learning and agility will be essential to staying competitive in this evolving landscape.”
Cybersecurity, Geopolitics, and Economic Pressures Dominate Risks
The GECS also revealed that economic pressures remain the top risk perceived by accountants worldwide, followed closely by geopolitical instability. Notably, cybersecurity has risen to the forefront of business risks, reflecting its far-reaching implications across industries. The report highlights that cyber risk is no longer confined to IT departments; it has become a core governance and cultural issue within organisations
