ACCA and IMA Q3 Report shows a sign of confidence in inflation fight amid volatile business environment

ACCA and IMA Q3 Report shows a sign of confidence in inflation fight amid volatile business environment

- Inflation continues to impact global economies and with tightening of policies, latest GECS shows signs of a flat economy

Middle East – The latest edition of the Global Economic Conditions Survey (GECS) from ACCA (the Association of Chartered Certified Accountants) and IMA® (Institute of Management Accountants) found confidence on the economic outlook remaining well below the median reading over the past decade due to fears over inflation and a slump in business. The Q3 2022 GECS, the largest regular economic survey of accountants around the world, covered 12 countries in the Middle East including, the United Arab Emirates, Saudi Arabia, Qatar, Oman, Egypt, Jordan, and Iraq. The report can be accessed here or at https://www.imanet.org/insights-and-trends/global-economic-conditions-survey.

The survey took place between September 2 and 14, 2022, and gathered over 900 responses. Globally, the survey found that nearly three-quarters of businesses are wrestling with increased costs, with the highest proportion of respondents reporting increased cost pressures for the last decade and over one in three worried about decreased income, with a similar proportion highlighting foreign exchange volatility as uncertainty and glimpses of recession dominate the latest economic outlook.

According to the survey, the Middle East was one of the only regions to report improvements