A recent study by ACCA and IMA reveals that finance professionals are feeling optimistic about the global economy. The Global Economic Conditions Survey (GECS) shows an increase in confidence, with indicators for new orders and employment also trending positively. This suggests an improving outlook, despite concerns about increasing operating costs.
Despite this positive news, there are still risks and challenges facing the global economy. Growth is expected to be below average in 2024. Jonathan Ashworth, Chief Economist at ACCA, emphasized that while the findings are encouraging, there are still risks and challenges facing the global economy. He warned that central banks should proceed cautiously with any monetary easing due to concerns about rising costs.
The study identified talent scarcity and cybersecurity risks as major concerns for businesses worldwide. Africa, Asia Pacific, and South Asia were particularly impacted by worries about increasing operating costs. Despite these challenges, Western Europe saw a moderate rise in confidence, indicating stabilization after recent economic weakness. The Asia Pacific region notably increased its confidence levels potentially due to trust in the US economy and positive signs in the global market.
Overall, while the outlook for the global economy is improving, it is important for finance professionals to remain vigilant and aware of potential risks and challenges.
