The latest Global Economic Conditions Survey (GECS) found that global economic confidence is at its highest level in years, with strong growth since the start of 2017.
The survey by the Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants (IMA) found that 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. 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,” said Lindsay Degouve de Nuncques, Head of ACCA Middle East.
She added that in Saudi Arabia, the government is making great strides in realising 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.
Hanadi Khalife, Director, MEA & India Operations, IMA, added that 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 said that the biggest concern on a global level is the potential for a full-blown trade war between the US and China. While initial measures taken are not sufficient to disrupt either economy, an escalation could have global effects for their many regional trade partners.