ACCA's survey shows that twice the number of accountants as compared with the previous quarter believe that the global economic recovery, which has been slowing down in the past few months, has now gone into reverse.
Key findings include:
- A reversal in the momentum of the recovery, with accountants’ confidence in the recovery and the prospects of their own organisations falling back to the lowest levels in some time, possibly the last year and a half
- Deterioration in key fundamentals such as business incomes and insolvencies
- Continued resilience among small businesses but a strong reversal of fortunes for big financials and even more stress in the public sector
- Continued weakness in investment as the supply of finance and government support recede.