Accounting and CPA professionals detect the biggest challenges amid the previous COVID restrictions.

A report by the Global Economic Conditions Survey (GECS) from ACCA (the Association of Chartered Certified Accountants) and IMA® (Institute of Management Accountants) has identified some worrying issues about economic shocks and operating costs. 

The report was conducted between February 14 and March 1, 2022 – before and during the war in Ukraine. The conclusion is explicably pointing towards economic turbulence in the coming months. 

The main concern are the operating costs, which jumped according to the latest survey – by 9 percentage points (GECS’s index of concern) and the total is now at 62%, which is an all-time high.

Supply chain shortages and disruption caused a rise in transport an energy cost.

According to the Q1 survey:

• Global confidence: up by 4 points to a total of +9
• Global orders: up to 2 points to a total of -3
• Economic indicators: Improvement in capital spending and employment

By region, the Middle East showed the best performance, with a large rise in orders and confidence. A result of increasing oil prices. However, in North America, orders and confidence fell back as the new variant of COVID (Omicron) spread. Read More….