The global survey showed a weak macro-economic outlook at the start of 2023, but not yet at levels consistent with an outright global recession.

The GECS Confidence Index rebounded slightly for the second consecutive quarter, although it remained below its median reading for the period since 2020, according to the Global Economics Conditions Survey (GECS) by ACCA and the Institute of Management Accountants (IMA).

Despite the ongoing conflict in Ukraine, which has resulted in energy price hikes, confidence in western Europe and north America saw the most improvement in the report.