Global Economic Conditions Survey Report: First Quarter, 2010

The ACCA’s Q1 survey examines whether the global economy is either deteriorating or stagnating.

 
Findings include:
  • The consensus view remains that we are at the bottom and will stay there for some time yet.
  • The global recovery has, for the time being, run out steam. After half a year of upward adjustments in relative terms, accountants now appear to have adjusted their expectations of the duration of the recovery upwards in absolute terms.
  • The rate of redundancies and salary freezes has fallen significantly, suggesting improving conditions that businesses are willing to invest in, and improving medium-term prospects for household consumption and demand in general.
  • In the Asia-Pacific region, the pace of recovery, while brisk, appears to have levelled off in almost all respects and business confidence has eased significantly.
 
In short, the global economic recovery appears to have run out of steam. This leaves no room for complacency for policymakers, who must develop a robust, forward-looking growth agenda to match their response to the downturn so far.

 

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