Accountants see brighter outlook for global economy in 2024

Finance professionals are feeling more optimistic about the global economy than they have in several quarters, according to a new study by ACCA and IMA. 

The Global Economic Conditions Survey (GECS) found a rise in confidence, with indicators for new orders and employment also showing positive trends. This suggests a gradually improving outlook, despite ongoing concerns about rising operating costs.

Confidence surged notably in the Asia Pacific region, potentially reflecting growing trust in the resilience of the US economy and positive signs within the broader global market. Western Europe also saw a moderate rise in confidence, hinting at possible stabilization after recent economic weakness.

Jonathan Ashworth, Chief Economist, ACCA, said, "While encouraging, it is no time to celebrate just yet, with the global economy facing many risks and challenges and still set for below-average growth in 2024. 

"The elevated level of concerns about costs suggests that the major central banks should proceed very cautiously with any monetary easing." 

Despite the overall positive trends, concerns about rising operating costs persist.  This issue was particularly pronounced in Africa, Asia Pacific, and South Asia. The study also highlights growing talent scarcity and escalating cybersecurity risks as major concerns for businesses worldwide.