The ACCA and IMA Global Economic Conditions Survey (GECS) showed improving global confidence in Q2 2025, with the index reaching its highest since Q3 2024. That said, confidence among accountants is still at a low level by historical standards. The New Orders and Capital Expenditure indices both declined modestly, although the former is at its historical average and the latter not much below, and both are at levels broadly similar to other readings since the aftermath of Russia’s invasion of Ukraine. Meanwhile, the Employment Index improved and is not that far below its historical average. Of the major regions, confidence in North America rose in Q2, amid some improvement in sentiment among U.S.-based accountants, but it remains depressed by historical standards. Western Europe saw another moderate gain in confidence aided by a further improvement in the UK from its record low in Q4 2024. By contrast, confidence fell sharply in Asia Pacific, erasi...