Global Economic Conditions Survey

The Global Economic Conditions Survey (GECS) is one of the most comprehensive surveys of its kind, both for its number of respondents and for the range of economic variables it monitors. IMA and ACCA members from around the world share their insider views on the macro-economic environment as they see it. Within themed countries and regions, the GECS is regarded as a good predictor of GDP growth. Its correlations with the VIX, or “fear,” index are well-established. It is a trusted source for gauging the overall performance of the global economy.

Three levels of analysis are provided:

• Global: Providing an overall picture of respondent confidence
• Thematic: Weighing in on socio-political trends
• Regional: Interpreting policy changes, government actions, and current events in 9 regions

Key Findings of the Fourth Quarter 2025 Survey

• The Global New Orders Index suffered a third consecutive quarterly decline, raising the risk of some moderation in global growth, although it remains significantly above its pandemic-era low. Confidence among CFOs improved somewhat, but remained below its historic average.
• Regional sentiment diverged sharply: confidence rose in Asia Pacific but declined in North America, while Western Europe saw a significant drop in optimism.
• Accountants flagged economic pressure, cyber disruption, and geopolitical uncertainty as the top risk priorities. Despite this, respondents' preparedness for non-financial shocks—such as cyber threats, misconduct, and fraud—appeared moderate at best, signaling a gap between risk awareness and organizational readiness.
• Operating cost pressures remain elevated, with businesses in advanced economies showing significant caution. In North America, the Employment Index was at a record low in Q4, even beneath the trough seen during the pandemic, while the Capital Expenditure Index was at its second lowest on record.