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