ACCA-2026年第三季度全球经济状况调查 Global economic conditions survey report Q3,2026

Globaleconomic

conditionssurvey

report:Q3,2026

TheAssociationof

Accountantsand

FinancialProfessionalsinBusiness

AccountantsremainedcautiousinQ3,butGECSsurveypointstoresilientglobaleconomy.

TheACCAandIMAGlobalEconomicConditionsSurvey(GECS)recordedaveryminorfallinconfidenceamongglobalaccountantsinQ32026(seeChart1).

■ConfidenceamongaccountantsgloballyfellslightlyinQ3andremainsatquitealowlevelbyhistoricalstandards.

Despitesomefluctuations,thishasconsistentlybeenthe

casesincelate2024,likelyinpartreflectingtheuncertainand

unpredictableglobaleconomicbackdrop,whichhasincreasinglybecomethe‘newnormal’operatingenvironmentforfirms.

Confidenceimprovedsomewhatamongchieffinancialofficers(CFOs),butcautionappearstoremaintheorderoftheday.

■Costpressuresremainamajorchallengeforfirms.Almost

70%ofsurveyedaccountantsgloballyreportedincreased

operatingcostsinQ3.ThisisdownfromQ2,butstillsignificantlyabovetheseriesaverage.1AmongCFOs,82%experienced

highercosts,barelylowerthaninQ2.

■Theotherkeyindicatorsremainconsistentwitharesilient

globaleconomy.TheGlobalNewOrdersIndeximprovedand

isjustaboveitshistoricalaverageandbroadlysimilartoother

readingssincetheaftermathofRussia’sinvasionofUkraine.

TherewerealsosmallgainsintheGlobalCapitalExpenditure

andEmploymentindices,althoughbothremainbelowseries

averages.Theartificialintelligence(AI)boomcontinuestoprovide

majorsupporttoglobalgrowthandequitymarkets.Nevertheless,therenewedriseinenergypricesandinflation,largeincreasesingovernmentbondyieldsintheadvancedeconomies,andtightermonetarypolicy,continuetosuggestthattheriskstoglobal

growthremainfirmlystackedtothedownside.

■Amongthemajoreconomicregions,confidencerosein

NorthAmerica,drivenbyamarkedriseintheU.S.,whereour

keyindicatorspointtoastrengtheningeconomy.TherewasalsosomeimprovementinWesternEurope,amidgainsinboththeUKandthewiderregion.Bycontrast,therewasquitealargedeclineinconfidenceinAsiaPacificfollowingahugeincreaseinQ2,

althoughtherewasanothersolidgainintheforward-lookingNewOrdersIndex,whichisclosetotheserieshigh.

■Economicpressuresremainedaccountants’topriskpriorityinQ3(24%),followedbygeopoliticalinstability(18%),andthen

regulatory/compliancerisksandcybersecurity(c.13%).Theopen-endedresponsessuggestthattheinitialshockstobusinesses

areonlypartofthestory.Someaccountantsaretracinghow

disruptionworksitswaythroughcustomers,suppliers,technologyandfinancebeforeitaffectsaservice,marginoradecision.

Chart1GECSglobalindicators

CondenceindexOrdersindexCapitalExpenditureindexEmploymentindex

30

20

10

0

x

-10

nde

-20

I

-30

-40

-50

-60

Q32016Q32018Q32020Q32022Q32024Q32026

Source:ACCA/IMA(2016–26)

‘Accountantsgloballyremaincautious,

buttheotherkeyindicatorsremain

consistentwitharesilientglobaleconomy.’

1Themedianisusedtocalculatetheaverages.

GLOBALECONOMICCONDITIONSSURVEYREPORT:Q3,20262

Whileconfidencegloballyremainsmeaningfullyhigherthanthe

near-recordlowinQ1amidtheoutbreakoftheconflictintheMiddleEast,itremainsinthelowrangeithasmovedinsincelate2024,

despiteaglobaleconomythathasprovedsurprisinglyresilient.

Thiscontinuedcautionamongaccountantslikelyreflectsthe

impactsfromgeopoliticalrisksandtensions,majorchangesintradepolicy,countryspecificchallenges,andrisingpoliticalpolarisation,whichhavecreatedahighlyuncertainandunpredictableoperatingenvironmentforfirms.Unsurprisingly,economicpressuresand

geopoliticsremainedthetopriskprioritiesforaccountantsgloballyinQ3(seeChart11).Confidenceimprovedsomewhatamong

CFOsbutremainsatquitealowlevelbyhistoricalstandards(seeChart2):28%ofthemrankedeconomicpressuresastheirtopriskpriority,followedby25%whochosegeopolitics.

OurkeyglobalactivityindicatorsallimprovedslightlyinQ3

(seeChart1),consistentwithaglobaleconomythatcontinues

toshowresilience.Theforward-lookingGlobalNewOrdersIndexisnowmodestlyaboveitshistoricalaverage,andsimilarto

mostreadingssincetheaftermathofRussia’sinvasionofUkraine.

TheGlobalCapitalExpenditureIndexremainssomewhatbelow

itshistoricalaverage,butbroadlysimilartootherreadingsover

thelastseveralyears.Meanwhile,theGlobalEmploymentIndex

remainsatquitealowlevelbyhistoricalstandards.Thismayreflectthefactthatwhiletheunemploymentrateisquitelowinmany

majoreconomies,jobmarketsarerathersluggishandveryfarfromfiringonallcylinders.ForCFOs,theNewOrdersIndeximproved

quitemarkedlyinQ3,althoughitcanbevolatile.

Chart2GECSConfidenceindexforCFOs

CondenceindexMedianoversurveyhistory

40

20

0

dex

-20

In

-40

-60

-80

Q32016Q32018Q32020Q32022Q32024Q32026

Source:ACCA/IMA(2016–26)

‘ConfidenceamongCFOsroseagaininQ3

butremainswellbelowitshistoricalaverage.’

Costpressuresremainintenseintheglobaleconomy,amidhigherenergy-relatedandothercostsduetothewarintheMiddleEast.

TherapidAIbuildoutisalsopushingupprices,whilehigher

importtariffsareacontributingfactorincountriessuchastheU.S.

CostpressuresappearedsomewhatlesssevereinQ3according

tosurveyedaccountantsglobally,although69%ofrespondentsstillreportedincreasedoperatingcosts–significantlyabovetheseriesaverage(seeChart3).Moreover,82%ofCFOsreportedincreasedcosts–barelydownfromthepreviousquarter(seeChart4).

DevelopmentsintheMiddleEastandchangingenergyprices

willclearlyhaveaveryimportantimpactoncostsovercoming

quarters.EnergypriceshaverisensharplysincethebeginningofJulyamidincreasedtensionsintheregion,withpricesofimportantrefinedproductssuchasdieselhittingrecordsinmanycountries.

Chart3Concernsaboutincreasedoperatingcosts

%GlobalrespondentsreportingincreasedcostsMedianoversurveyhistory

80%

70%

60%

50%

30%

20%

Q32016Q32018Q32020Q32022Q32024Q32026

Source:ACCA/IMA(2016–26)

‘Theshareofsurveyedaccountantsglobally

reportingrisingoperatingcostsdeclinedinQ3

butremainsveryelevatedbyhistoricalstandards.’

40%

3

GLOBALECONOMICCONDITIONSSURVEYREPORT:Q3,2026

Chart4CFOconcernsaboutincreasedoperatingcosts

%GlobalCFOrespondentsreportingincreasedcostsMedianoversurveyhistory

100%

80%

60%

40%

20%

0

Q32016Q32018Q32020Q32022Q32024Q32026

Source:ACCA/IMA(2016–26)

‘Over80%ofCFOsreportedincreasedoperatingcostsinQ3:significantlyabovetheseriesaverage’

Headlineinflationhasbeguntoriseagaininmanyeconomies,

andhigherfoodpricesappeartobeanotherriskovercoming

monthsandquarters,includingthroughtheimpactsofwhat

lookslikelytobeanextremelypowerfulElNiñoweathereffect.

Againstsuchabackdrop,theU.S.FederalReserve(Fed),

EuropeanCentralBank(ECB)andBankofJapanallraisedinterestratesinSeptember,andfurthermonetarytighteningappearslikelyovercomingmonths.Aroundtwo-thirdsofsurveyedaccountantsgloballyexpectinflationtoriseintheircountryoverthenext

threemonths,downsomewhatfromQ1andQ2,butwellupfrom

the50%expectingariseinQ42025.Furthermore,almost50%

expectinterestratestoincreaseintheircountryoverthenext

threemonths,upmeaningfullyfromtheprevioustwoquarters,andcomparedwithjust16%inQ42025(seeChart5).

Concernsamongsurveyedaccountantsgloballythattheir

customerscouldgooutofbusiness,anearlyindicatorofpotentialcorporatestress,roseinQ3.Excludingthepandemicera,this

indicatorislookingsomewhathighbyhistoricalstandards(see

Chart6),althoughitisatlevelsbroadlysimilartosomereadingsin2011and2012.Problemssecuringpromptpaymentalsoincreasedglobally,accordingtoaccountants(seeChart7).Theseries

isonlyslightlyhigherthanitshistoricalaveragebutislooking

somewhatelevatedcomparedwithotherreadingsinthepost-

pandemicperiod.Whileneitherindicatorissettingoffalarmbells,

amoremeaningfulandconsistentmovehigherintheseseries

overcomingquarterscouldbeawarningsign.Potentialcatalysts

includeamorepronouncedslowinginglobalgrowthoraggressivemonetarytighteningbythemajorglobalcentralbanks.

Chart5Percentageexpectinginflationandinterestratesintheircountrytoriseoverthenextthreemonths

Q42025Q12026Q22026Q32026

80%

60%

40%

20%

0

Ination

Interestrates

Source:ACCA/IMA(2025-26)

‘Aroundtwo-thirdsofsurveyrespondentsexpectinflationtoriseintheircountryoverthenext

threemonths,whilealmosthalfexpectinterestratestorise.’

4

GLOBALECONOMICCONDITIONSSURVEYREPORT:Q3,2026

Chart6GECSglobal‘fear’indices

GECS:Indexofconcernaboutcustomersgoingoutofbusiness

GECS:Indexofconcernaboutsuppliersgoingoutofbusiness

50

30

20

10

0

Q32016Q32018Q32020Q32022Q32024Q32026

Source:ACCA/IMA(2016–26)

‘Concernsaboutcustomersgoingoutofbusinessamongsurveyedaccountantsgloballyareonthehighsideofreadingsoutsidethepandemic.’

Chart7Problemssecuringpromptpaymentandaccessingfinance

35%

GECS:Problemsaccessing

nance

GECS:Problemssecuringpromptpayment

30%

25%

20%

15%

10%

Q32016Q32018Q32020Q32022Q32024Q32026

Source:ACCA/IMA(2016–26)

‘Globalproblemssecuringpromptpaymenthaverisensomewhat,butproblemsaccessingfinancedon’tappeartobeaparticularissue.’

Bycontrast,concernsthatsuppliersmightgooutofbusiness

declinedforthesecondsuccessivequarter,followingthe

recentpeakinQ12026amidtheoutbreakoftheconflictin

theMiddleEast.Suchconcernsarejustabovetheirhistorical

average,butbelowlevelsseenfromtheonsetofthepandemicuntiljustafterRussia’sinvasionofUkraine(seeChart6).

Meanwhile,problemsaccessingfinancegloballyroseforthe

secondsuccessivequarterbutremainjustbelowtheseries

average(seeChart7).Globalfinancialconditionsremainquitesupportiveamidstockmarketsnearrecordhighs.Buttighteningmonetarypolicyandhighergovernmentbondyieldsarekey

risks,whilefurtherU.S.dollarstrengthcouldalsobecomeaproblem,particularlyforemergingeconomies.

Overall,ourkeyactivityindicatorsforQ3suggestthattheglobal

economycontinuestoproveresilient,despiteveryelevatedcost

pressuresamidthefalloutfromtheconflictintheMiddleEast.

TheglobalAIboomremainsamajorsupport–robustinvestmentincountriessuchastheU.S.isfuellingsurgingexportsfromAsia

Pacific,whilestockmarketsremainclosetorecordlevels.But

downsiderisksareincreasingasrisingtensionsbetweentheU.S.andIranfuelarenewedriseinenergyprices,whichhassentmajorcentralbanksbackintotighteningmode,whilegovernmentbondyieldsintheU.S.andotheradvancedeconomieshaverisento

levelsseenbeforetheGlobalFinancialCrisis.DevelopmentsintheMiddleEastwillbekeyovercomingmonths.Afurthersharpriseinenergypriceswouldweighoneconomiesandincreasepressureoncentralbankstoact,andmayleadgovernmentbondyieldsto

hitlevelsthatcouldbeincreasinglydamagingforeconomicactivityandfinancialmarkets.Indeed,expensivevaluationscouldmake

equitymarketsvulnerabletoasignificantpricecorrection.

Index

40

5

GLOBALECONOMICCONDITIONSSURVEYREPORT:Q3,2026

NorthAmerica

Amongthemajorregions,therewasquitealargerisein

confidenceinNorthAmericaandadecentgainintheNew

OrdersIndex(seeCharts8and9).Confidenceisatitshighest

sinceQ32024,whiletheNewOrdersIndexisonlyslightly

belowitshistoricalaverage.Thereweresolidgainsinthe

CapitalExpenditureandEmploymentindices,althoughthelatterremainsatquitealowlevelbyhistoricalstandards.Theriseinthe

ConfidenceandCapitalExpenditureindicesfortheU.S.alonewereparticularlymarked,andtherewasanencouragingincreaseintheEmploymentIndex.TheNewOrdersIndexwasdownveryslightlythough.Overall,ourkeyindicatorslookconsistentwithsome

strengtheningintheU.S.economyinQ3.

U.S.economicgrowthisbenefitingsignificantlyfromtheAIboom,amidsurginginvestmentandstockpricesthatareclosetorecordhighs.Thelatter,andastablejobsmarket,ishelpingtodrive

solidconsumerspendinggains,despitehighgasolineprices.

Nevertheless,commentaryfromsurveyparticipantsrevealsthe

manyheadwindsstillfacingfirms,includingimporttariffs,high

energypricesandinflation,geopoliticalandpolicyuncertainty,

andelevatedinterestrates.AmongU.S.-basedrespondents,

77%reportedincreasedoperatingcostsinQ3,downslightly

fromQ2,butveryhighbyhistoricalstandards(seeChart10).

AtitsSeptembermeeting,theFedresumedmonetarytightening

forthefirsttimesinceJuly2023.Giventhecombinationofresilientgrowth,favourablefinancialconditions,andelevatedinflation,

itseemsmorelikelythannotthatFedChairKevinWarshwillbepresidingoverasecond-ratehikebyyear-end.

Chart8ChangeintheGECSConfidenceindex,byregion*

CondenceoverthepastquarterCondenceoverthepast12months

WesternEurope

Global

AsiaPacic

NorthAmerica

5101520

-15-10-50

Indexpoints

*GlobalalsoincludesAfrica,MiddleEastandSouthAsia.

Source:ACCA/IMA(2025-26)

‘ConfidenceroseinNorthAmericaandWesternEuropeinthelatestquarter.’

Chart9ChangeintheGECSNewOrdersindex,byregion*

OrdersoverthepastquarterOrdersoverthepast12months

Global

WesternEurope

AsiaPacic

NorthAmerica

-50

5101520

Indexpoints

*GlobalalsoincludesAfrica,MiddleEastandSouthAsia.

Source:ACCA/IMA(2025-26)

‘TheNewOrdersIndicesregisteredencouraginggainsinNorthAmericaandAsiaPacificinQ3.’

6

GLOBALECONOMICCONDITIONSSURVEYREPORT:Q3,2026

AsiaPacific

ConfidenceinAsiaPacificdeclinedmateriallyinQ3(seeChart8),sheddingalmostthree-fifthsofthehugeQ2increase,although

itremainsjustaboveitslong-termaverage.Bycontrast,

developmentsintheotherkeyindicatorswereencouraging.

Therewasasecondconsecutivesolidimprovementinthe

NewOrdersIndex,whichcurrentlystandsclosetotheseries

peak.TherewerealsodecentgainsintheCapitalExpenditure

andEmploymentindices,whicharenowaroundtheirhistorical

averages.Allinall,theConfidenceIndexcanbequitevolatile

andthedeclineinQ3maybeinresponsetorenewedMiddle

Easttensionsandthereboundinenergyprices.Nonetheless,theindicatorsgenerallypointtoaconstructivepicturefortheregion.

TheresilientU.S.andglobaleconomiesareclearlysupportive,

andanumberofcountriesareimportantbeneficiariesofthe

globalAIboom.Costpressuresareaconcernforbusinesses,

however,with62%ofrespondentsreportingincreasedoperatingcosts(seeChart10).That’sdownfromQ2,butstillmeaningfully

abovetheseriesaverageof52%.Resilienteconomicactivityandelevatedcostpressuresmayincreasepressureoncentralbanksintheregiontotightenpolicy.Amongsurveyrespondents,41%

expectinterestratestoriseintheircountryoverthenextthree

months,comparedwith24%and30%inQ1andQ2respectively.Furtherlargerisesinenergypriceswouldpresentdownsideriskstotheregion,aswilltheupcomingElNiñoweathereffect,whichisexpectedtobeextremelypowerful.

Chart10Concernsaboutincreasedoperatingcosts

%ofrespondentsreportingincreasedcostsinQ32026Medianoversurveyhistory100%

80%

60%

40%

20%

0

U.S.WesternEuropeAsiaPacic

Source:ACCA/IMA(2026)

‘Costpressuresareelevatedinallthemajoreconomicregions,butaremostintenseinWesternEuropeandtheU.S.’

WesternEurope

InWesternEurope,confidenceimprovedsomewhat(seeChart8)forthesecondsuccessivequarterinQ3,althoughitremainswellbelowitshistoricalaverage.TherewasquiteameaningfuldeclineintheNewOrdersIndex,however,whichisatitsweakestsince

Q42023,albeitsimilartolevelsinthesecondhalfof2025.The

CapitalExpenditureandEmploymentindicesshowedconflictingindications:theformerdeclinedquitemeaningfully,buttherewasanimprovementofasimilarmagnitudeinthelatter.Bothremainwellbelowtheirhistoricalaverages.Meanwhile,theproportion

ofsurveyrespondentsreportingincreasedoperatingcostsfell

byover10percentagepoints,butat71%remainssignificantly

abovethehistoricalaverage.AnimprovementinconfidencewasevidentinboththeUKandtheregionexcludingtheUK,althoughtheimprovementwasmuchlargerintheregionexcludingtheUK,wheretheConfidenceIndexismuchhigher.ThekeyUK-relatedindicatorsremainatverylowlevelsbyhistoricalstandards.Costpressuresappearveryelevatedinboth,butareslightlyhigherintheregionoutsidetheUK.

Overall,boththeeuroareaandUKeconomieshaveshowngreaterthanexpectedeconomicresiliencethisyear,butinflationary

pressuresremainelevatedamidrisingenergypricesowingto

eventsintheMiddleEast.TheECBhasalreadyraisedinterest

ratestwicein2026,andanotherratehikeseemslikelybeforeyearend.Withmuchhigherinterestratesalready,theBankofEnglandhassofareschewedmonetarytightening,but,ifenergyprices

remainelevated,theriskisclearlyforaratehikeovercoming

months.Higherinflation,governmentbondyields,andcentral

bankinterestratesarelikelytoweighoneconomicgrowthinbotheconomiesovercomingquarters.

7

GLOBALECONOMICCONDITIONSSURVEYREPORT:Q3,2026

THINKAHEADGLOBALECONOMICCONDITIONSSURVEYREPORT:Q3,2026

Wheretheshocklands.

InQ32026,accountantswereaskinghowshockstravelthroughcustomers,suppliersandsystems.Wherewilltheyland,andwhoneedstoact?

Economicpressuresremainedaccountants'leadingriskpriorityinQ32026,rankedfirstby24.4%ofrespondentstotheACCAIMA

GlobalRisksSurvey.Geopoliticalinstabilityfollowsat18.4%,withregulatory,complianceandlegalriskat13.2%andtechnology,dataandcybersecurityat12.6%.TherankingsarebroadlysimilartoQ²findings.Whatifersishowthesepressuresreachorganisations,andwhattheyputatriskwhentheydo.

Chart11Accountants'topriskprioritiesoverpastyear

■Q42025■Q12026■Q22026■Q32026

25%20%15%10%

5%

0

EconomicinflationInternationalandRegulatory/Technology/data/Talentscarcity/Logistics/supplyWithdrawalofMisconduct/fraud|Climatechange/Currency,

geopoliticalinstability

skillsgaps/employee

retention

/recession/interestrates

chaindisruption/fiscalmeasures/supplyshortageshighertaxation

/reputationaldamage

compliance/legalcybersecurity

relatedregulation/includingcryptoitssocialandanddigitalassets

economicimpacts

Source:ACCA/IMAGlobalRiskssurveys(2025-26)

Thebreakdownsbyregionandorganisationtyperevealsomeofthosedifferences.Theopen-endedanswersgofurther,showing

howdecisionsmadeelsewherecanaffectanorganisation's

ownprospects.Customerscutspending;suppliersraiseprices;

governmentschangepolicy;technologyproviderssufferdisruption.Bythetimetheconsequencesreachanorganisation,theymay

appearasalossofincome,aservicefailureoradecisionmadewithunreliableinformation.

Sameworld,differentpriorities

Economicriskisthefirst-rankedpriorityfor41.9%ofNorthAmericanrespondents,wellabovetheglobalfigure,evenastheregion

recordedthelargestriseinconfidenceamongthemajoreconomicregionsinthewiderGECS.InAsiaPacific,geopoliticalinstability

leadsat24.1%,whiletalentandskillsconcernsreach14.9%versus10%globally.Supplychaindisruptionalsoremainsmoreprominentherethanglobally,citedfirstby9.2%ofrespondentsagainst6.6%worldwide.WesternEuropepresentsadifferentmix:economicriskleadsat22.8%,buttechnology,dataandcybersecurityriskisclosebehindat19.9%.Cybersecurityhasremainedaprominentpriorityfortheregion'srespondents,warrantingattentionevenwhen

anotherriskrankshigher.

Chart12Q32026riskprioritiesbyregion

●NorthAmerica●AsiaPacific●WesternEurope●Africa

45%

40%

35%

30%

25%

20%

15%

10%

5%

Economicinflation

/recession/

interestrates

Internationalandgeopoliticalinstability

Regulatory/

compliance/legal

Technology/data/cybersecurity

Talentscarcity/

skillsgaps/

employee

retention

Logistics/supplychaindisruption/supplyshortages

Withdrawaloffiscalmeasures/highertaxation

Misconduct/fraud

/reputational

damage

Climatechange/relatedregulation/ itssocialandeconomicimpacts

Currency,

includingcryptoanddigitalassets

Source:ACCA/IMAGlobalRiskssurveys(2026)

THINKAHEAD

Organisationtypeisjustasrevealing.Amongrespondentsin

largecorporatesglobally,geopoliticalinstabilityranksfirstat30%,narrowlyaheadofeconomicpressuresat29%.Forsmalland

medium-sized(accountancy)practices(SMPs),regulationleads

at25%,followedbytechnologyandcybersecurityat19.8%.

Alargebusinessmaybeassessinghowconflictaffectsitsmarkets,suppliersandinvestmentplans.Apracticemayfacethesame

economicuncertaintywhiletryingtomeetgrowingcompliancedemands,protectclientinformationandadaptitsservicestoAI.Thosedifferencesaretellingwheninterpretingriskprioritiesandrightsizingeffectiveapproachesformanagingthem.

Chart13Q32026riskprioritiesbyorganisationaltype

ForSMPsandsmall-to-medium-sizedenterprises(SMEs),

theregulatoryburdenshaveanimmediatecommercialeffect:

‘Ourwholeweekisnowspentlookingatallthe

compliancedeadlines.Wedonotgettimetodopositiveworkforclientsandthatgivesotherlessregulatedbusinessesanadvantage’

RespondentfromanSMP

ChiefFinancialOf#cerCorporatesector–largeCorporatesector–small/mediumsizedSmallormedium-sizedpractice(SMP)

30%

20%

10%

0

Economicin$ation/recession/

interestrates

Internationaland

geopolitical

instability

Regulatory/

compliance/legal

Technology/data/cybersecurity

Talentscarcity/skillsgaps/

employee

retention

Logistics/supplychaindisruption/supplyshortages

Withdrawalof#scalmeasures/

highertaxation

Misconduct/fraud

/reputational

damage

Climatechange/

relatedregulation/

itssocialand

economicimpacts

Currency,

includingcryptoanddigitalassets

Source:ACCA/IMAGlobalRiskssurveys(2026)

Whenanotherorganisation’sdecisionbecomesyourrisk

Theanswersto‘Whatarethemostunderestimatedrisksfacingyourorganisation?’showhowpressuresbeyondanorganisation’scontrolcanaffectitsfinancesanditsabilitytodeliverservices.

AUKrespondentidentifiedclientscappingstaffhealthbenefits

andmakingredundanciesasanunderestimatedrisktothe

organisation’sincome.Anotherrespondentworkinginhealthcarepointedtocostsrisingfasterthanreimbursementandfunding,

puttingpressureoncashflowandmakingithardertomaintainthesamelevelofservices.

RespondentsinEuropeandtheMiddleEastconnectedconflicttoenergyprices,shippinganddemand.U.S.respondentspointedtotariffsandpolicychangesaffectingcosts,investmentandcontracts.OneU.S.-basedCFOworkingforafederalcontractorexplained

thatstafflossesingovernmenthavealsomeantmoretimespentfollowingupwithandsupportingfederalemployees,commenting:

‘Theinstabilitysincethenewadministrationbeganhasdecreasedourrevenueby20%andourstaffingcostshaveincreased’

U.S.-basedCFO

ForahealthcarebusinessintheUnitedArabEmirates(UAE),theregionalconflictsraiseadifferentconcern:

‘Prolongedinstabilitycouldhaveagreaterimpactonourbusinessthaniscurrentlyanticipated,particularlythroughreduceddemand,customerrelocationand

increasedpaymentandcollectionrisks’

Dubai-basedrespondent

GLOBALECONOMICCONDITIONSSURVEYREPORT:Q3,202610

SeveralrespondentsinAsiaPacificandAfricadescribedhow

climatechangecoulddisruptsuppliesandservices.Citingcash

flowconstraintsandanunderestimationoftheprobableimpact,

arespondentinBotswana’senergyandutilitiessectorwarnedthat:

‘Verylittleisbeingdonetopreparefordrasticweatherchangessuchasextremeheatorextremerainfall.’

Botswana-basedrespondent

Dependenceonotherorganisationsalsofeature