The ACCA and IMA Global Economic Conditions Survey (GECS) for the second quarter of 2025 (Q2 2025) has reported a marginal rise in confidence among accountants worldwide. 

 However, this increase does not overshadow the prevailing sentiment of fragility in the profession, with confidence levels still trailing behind historical standards. 

According to the survey, while there has been a slight uptick in the confidence index, reaching a peak not observed since Q3 2024, the overall mood remains cautious.  

The new orders and capital expenditure indices, key indicators of economic health, have both seen modest declines.  

These indices are hovering around their historical average and are reflective of the economic landscape following the conflict in Ukraine. 

The employment index has shown some resilience, edging closer to its average historical benchmark, suggesting a stabilising job market within the sector. 

On a regional scale, North America has witnessed an increase in confidence, with US accountants reporting a somewhat improved outlook.  

Despite this, the levels of confidence are still low compared with past data. 

In Western Europe, there has been a steady increase in confidence, with the UK experiencing a notable recovery from its all-time low in the final quarter of 2024.  

In stark contrast, the Asia-Pacific region has seen a sharp decline in confidence, negating the positive trends from Q1 2025.  

This downturn is largely attributed to the impact of significant changes in US trade policy on the global trading environment. 

For the first time, geopolitical instability has emerged as the primary concern among accountants when considering global risks, overtaking economic, regulatory and compliance issues, which now share the second position in terms of risk priority.  

Other concerns such as talent shortages and cybersecurity have diminished slightly in urgency.  

Climate change, fraud and supply chain risks are positioned lower on the list of priorities, indicating a strategic shift towards navigating immediate geopolitical and economic challenges. 

ACCA chief economist Jonathan Ashworth said: “Global growth has generally proved quite resilient in the first half of 2025, despite the large increases in US tariffs and massive rise in uncertainty.  

“While the key GECS indicators are certainly not pointing to a global economy in rude health, with confidence in particular remaining low, neither are they suggesting that a major downswing is imminent.” 

This month, the ACCA disclosed the pass rates for the June 2025 examinations.