Global Economic Optimism on the Rise, but Concerns About Costs and Talent Shortages Loom

A recent study by ACCA and IMA has shown a rise in confidence among finance professionals about the global economy. The Global Economic Conditions Survey (GECS) found that indicators for new orders and employment are trending positively, suggesting an improving outlook. However, concerns about increasing operating costs remain, despite this optimism.

Jonathan Ashworth, Chief Economist at ACCA, emphasized that while the findings are encouraging, there are still risks and challenges facing the global economy. Growth is expected to be below average in 2024 due to these concerns. He urged central banks to proceed cautiously with any monetary easing as a result of these worries. Despite the positive trends, worries about rising costs persist across many regions, including Africa, Asia Pacific, and South Asia.

The study also identified talent scarcity and cybersecurity risks as major concerns for businesses worldwide. These issues could negatively impact economic growth in the future if not addressed promptly. It is important for policymakers and business leaders to take steps to mitigate these risks and ensure sustainable growth for all regions of the world.