The latest Global Economic Conditions Survey (GECS) from ACCA (the Association of Chartered Certified Accountants) and IMA® (Institute of Management Accountants) found that global economic confidence is at its highest level in years, with strong growth since the start of 2017.
Confidence in the Middle East has rebounded strongly, and now stands at its highest level since Q2 2015. GECS is the largest regular economic survey of accountants around the world, in terms of both the number of respondents and the range of economic variables it monitors.
‘Economies in the Middle East have benefited from rising oil prices along with an improving global outlook,’ says Lindsay Degouve de Nuncques, Head of ACCA Middle East. ‘The UAE in particular has enjoyed an increase in non-oil exports and increased spending ahead of the 2020 World Expo. The rise in confidence is encouraging given the country introduced VAT this year, providing further economic stimulus.
In Saudi Arabia, the government is making great strides in realizing Vision 2030 by further embracing economic reforms, including the introduction of VAT and the recent push to open up and include more women in the workforce, further promoting a diverse and inclusive economy. With economic diversification, reform and further fiscal solidarity across the region, the increase in sentiment provides further encouragement for businesses and finance professionals.”
Hanadi Khalife, Director, MEA & India Operations, Institute of Management Accountants states “the results of the report show positive trends for the Middle East region, where diversifying the economy is a major focus for many of the key markets including the UAE and Saudi Arabia. Regional governments are investing heavily in driving innovation, new technology and creating job opportunities for current and future generations. The management accountancy industry is one of the sectors that is providing exciting opportunities for successful careers and we look forward to seeing continued growth in confidence and economic development within the region.”
Commenting on the global outlook Narayanan Vaidyanathan, Head of Business Insights at ACCA mentions that ‘the outlook for the global economy is as good as it has been for some time.’ ‘The continued rising confidence, led by North America, is also benefitting other key trading economies such as Africa and South Asia.’
‘The biggest concern on a global level is the potential for a full-blown trade war between US & China. While initial measures taken are not sufficient to disrupt either economy, an escalation could have global effects for their many regional trade partners.’
You can read the full report here or at http://www.accaglobal.com/uk/en/professional-insights/global-economics/Global-economic-conditions-survey-Q1-2018.html
About ACCA
ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
ACCA supports its 200,000 members and 486,000 students in 180 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 101 offices and centres and more than 7,200 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.
ACCA is currently introducing major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally.
Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. More information is here: www.accaglobal.com
About IMA® (Institute of Management Accountants)
IMA®, named 2017 Professional Body of the Year by The Accountant/International Accounting Bulletin, is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA® (Certified Management Accountant) program, continuing education, networking and advocacy of the highest ethical business practices. IMA has a global network of more than 100,000 members in 140 countries and 300 professional and student chapters. Headquartered in Montvale, N.J., USA, IMA provides localized services through its four global regions: The Americas, Asia/Pacific, Europe, and Middle East/India. For more information about IMA, please visit www.imanet.org.
Contacts
David Bowden, +442070595019, + 447540919819
david.bowden@accaglobal.com
Twitter @ACCANews
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