Confidence in the economy among finance professionals in North America nosedived in the second quarter of this year, even as their counterparts around the world were feeling slightly more positive overall.
A total of 665 accountants and other finance professionals, including 69 CFOs, participated in the latest quarterly Global Economic Conditions Survey, conducted jointly by the Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants (IMA).
Confidence by region
The survey found that the global confidence index improved by 1.4 points. The figure represents the proportion of participants who grew more confident in their organization’s economic prospects than they were in the preceding calendar quarter, minus the proportion who became less confident.
By comparison to the global result, confidence among North American professionals slumped drastically, by 16.5 index points. That index is now well below its historical average.
“The American economy has slowed from the heady pace of expansion in the second half of 2023, and the latest results raise the risk of some further moderation over coming quarters,” said Alain Mulder, senior director of Europe operations and global special projects for IMA.
He added, “The probability that the U.S. Federal Reserve begins easing monetary policy after the summer has increased, although inflation developments over coming months will be crucial.”
