Business Recovery

Historic rise in economic confidence, says ACCA survey

The latest Association of Chartered Certified Accountants and IMA Global Economic Conditions Survey found that the economy is returning to form due to an increase in confidence

The world’s economy is on the verge of a resurgence thanks to a historic rise in economic confidence, according to the latest Association of Chartered Certified Accountants (ACCA) and IMA Global Economic Conditions Survey.

The worldwide survey for 1,000 senior accountants and finance professionals found the biggest recorded jump in economic confidence this quarter in the 12 years it started.

North America posted the strongest results with the economy likely to achieve growth of more than 6% in 2021, while the South Asia and Asia-Pacific regions similarly presented strong results for confidence.

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The success of vaccination programmes in Israel, the UK and the States is being used as evidence to suggest certain economies will return to pre-pandemic levels by the end of the year.

Michael Taylor, chief economist at ACCA, said: “This survey paints a much brighter picture with confidence jumping by the most in the history of the survey.

“The approval and deployment of several effective vaccines has dramatically improved the prospects of an end to the Covid crisis. A very large US fiscal stimulus has also boosted global economic prospects this year.”

He added: “The global orders index also increased in the Q1 survey and is consistent with further recovery in the global economy into the second half of 2021. We now expect global economic activity to return to its pre-Covid level from Q4 2019, later this year.”

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