Global economy bouncing back on confidence, spending — ACCA

By Babajide Komolafe

Association of Chartered Certified Accountants (ACCA) said its quarterly    Global Economic Conditions Survey (GECS) survey of 1,000 senior accountants and finance professionals across the world show that the global economy is bouncing back in terms of confidence, orders, employment and spending.

The survey also indicates rising optimism among accountants and finance professionals that Global economic activity could return to pre-Covid level before the end of this year.

Disclosing this in a statement, ACCA said that the GECS, which is conducted in association with Institute of Management Accountants (IMA) recorded the biggest jump in economic confidence in the first quarter of 2021 since inception 12 years ago.

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According to ACCA, “The GECS is consistent with the view that the global economy stands a good chance of reaching its pre-pandemic level of activity later this year. The balance of those more optimistic minus those less optimistic increased by 26 points in this survey.

“The results for Africa show a region reporting improved levels of economic confidence, but at more modest levels than other regions such as South Asia and Asia-Pacific which show strong results for confidence. North America has reported the strongest results, with an economy likely to achieve growth of more than 6% in 2021. Orders grew globally, apart from in Africa, which was the only region to see a fall in the orders index, although other activity indicators of employment and capital spending both rose”.

Commenting, Thomas Isibor, Head of ACCA Nigeria, said: ‘Different levels of economic prospects in the largely optimistic global picture are attributed to three factors that heavily influence the economy – the rate of vaccinations, the amount of government fiscal stimulus and savings banked by individuals during restrictions and lockdowns.”

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