ACCA-全球经济状况调查：2024年第二季度（英）-11正式版

GLOBALECONOMICCONDITIONSSURVEYREPORT:Q2,2024AboutACCAAboutthisreportWeareACCA(theAssociationofCharteredCertifiedAccountants),agloballyrecognisedprofessionalaccountancybodyprovidingqualificationsandadvancingstandardsinaccountancyworldwide.TheGlobalEconomicConditionsSurvey(GECS),carriedoutjointlybyACCA(theAssociationofCharteredCertifiedAccountants)andIMA(InstituteofManagementAccountants),isthelargestregulareconomicsurveyofaccountantsaroundtheworld,inboththenumberofrespondentsandtherangeofeconomicvariablesitmonitors.Foundedin1904towidenaccesstotheaccountancyprofession,we’velongchampionedinclusionandtodayproudlysupportadiversecommunityofover247,000membersand526,000futuremembersin181countries.TheGECShasbeenconductedforover10years.Itsmainindicesaregoodleadindicatorsofeconomicactivityandprovideavaluableinsightintotheviewsoffinanceprofessionalsonkeyvariables,suchasinvestment,employment,andcosts.Ourforward-lookingqualifications,continuouslearningandinsightsarerespectedandvaluedbyemployersineverysector.Theyequipindividualswiththebusinessandfinanceexpertiseandethicaljudgmenttocreate,protect,andreportthesustainablevaluedeliveredbyorganisationsandeconomies.Fieldworkforthe2024Q2surveytookplacebetween4and20June2024,andgathered665responses:463fromACCAmembersand202fromIMAmembers.Guidedbyourpurposeandvalues,ourvisionistodeveloptheaccountancyprofessiontheworldneeds.Partneringwithpolicymakers,standardsetters,thedonorcommunity,educatorsandotheraccountancybodies,we’restrengtheningandbuildingaprofessionthatdrivesasustainablefutureforall.ACCAandIMAwouldliketothankallmemberswhotookthetimetorespondtothesurvey.Itistheirfirst-handinsightsintothefortunesofcompaniesaroundtheworldthatmakeGECSatrustedbarometerfortheglobaleconomy.FindoutmoreatAboutIMA®ContactsForfurtherinformationabouttheGlobalEconomicConditionsSurveyandtheseriesofquarterlyreports,pleasecontact:(InstituteofManagementAccountants)IMA®isoneofthelargestandmostrespectedassociationsfocusedexclusivelyonadvancingthemanagementaccountingprofession.JonathanAshworthChiefEconomistGlobally,IMAsupportstheprofessionthroughresearch,ACCAtheCMA®(CertifiedManagementAccountant),CSCA®jonathan.ashworth@(CertifiedinStrategyandCompetitiveAnalysis),andFMAA™(FinancialandManagerialAccountingAssociate)certificationprograms,continuingeducation,networking,andadvocacyofthehighestethicalbusinesspractices.TwicenamedProfessionalBodyoftheYearbyTheAccountant/InternationalAccountingBulletin,IMAhasaglobalnetworkofabout140,000membersin150countriesand350professionalandstudentchapters.HeadquarteredinMontvale,N.J.,USA,IMAprovideslocalizedservicesthroughitssixglobalregions:TheAmericas,China,Europe,MiddleEast/NorthAfrica,India,andAsiaPacific.AlainMulderSeniorDirectorEuropeOperations&SpecialProjectsIMA®amulder@Thesection‘Theuncertaintieskeepingaccountantsupatnight’wasproducedby:FormoreinformationaboutIMA,pleasevisit:RachaelJohnsonHeadofRiskManagementandCorporateGovernanceforPolicy&InsightsACCA©TheAssociationofCharteredCertifiedAccountants,InstituteofManagementAccountants,July2024.ExecutivesummaryTheACCAandIMAGlobalEconomicOurglobal‘fear’indices,whichreflectrespondents’concernsthatcustomersand/orsuppliersmaygooutofbusiness,botheasedinthelatestquarteranddon’tlookparticularlyworryingbyhistoricalstandards(seeChart7).Asimilarstoryisevidentforglobalproblemsaccessingfinanceandsecuringpromptpayment(seeChart8).Globalconcernsaboutoperatingcostseasedslightlybutremainelevatedbyhistoricalstandards(seeChart4).CONFIDENCEAMONGGLOBALACCOUNTANTSANDFINANCIALPROFESSIONALSIMPROVEDAGAININQ22024,ConditionsSurvey(GECS)suggeststhatglobalconfidenceamongaccountantsandfinanceprofessionalsimprovedslightlyinQ22024andisjustaboveitshistoricalaverage.Therewerealsosmallgainsin1theCapitalExpenditure,Employment,andNewOrdersindices(seeChart1).Thefirstoftheseisslightlybelowitsaverage,whiletheothertwoareslightlyaboveaverage.Thekeyglobalindicatorsforchieffinancialofficers(CFOs)allrose,withsharpgainsintheNewOrdersandCapitalExpenditureindices(seeCharts15and16).DESPITEABIGFALLINNORTHAMERICA.Wealsoaskedaccountantstoranktheirtopthreeriskprioritiesand,forthefirsttimeinayear,theeconomyisnotthetopconcernforrespondentsworkinginfinancialservices,althoughitisclosetothehighestithaseverbeenforthoseinthecorporatesector.Responsestothequestion,‘whatisthemostunderestimatedrisk?’,suggestleadersareincreasinglystrugglingtosteertheirenterprisesthroughtheaccumulatingwavesofuncertaintythisyear,particularlyasregardscybersecurity,whichranksasthethird-highestriskpriorityforallsectorscombined.Therewassomenotabledivergenceattheregionallevel(seeChart2).ConfidenceamongaccountantsregisteredanotherdecentincreaseinWesternEurope,consistentwithcontinuedrecoveryintheeuroareaandUKeconomies.TherewasasmallriseinconfidenceinAsiaPacific,whichcameafterahugegainpreviously,andamarkedincreaseintheNewOrdersIndex.Theregionisbenefitingfromimprovementsintheglobaleconomy,includingthemanufacturingsectorandtechnologycycle.Bycontrast,therewasalargefallinconfidenceinNorthAmerica,whichwasevenmorepronouncedfortheU.S.TheU.S.economyhasslowedfromtheheadypaceofexpansioninthesecondhalfof2023,andthelatestresultsraisetheriskofsomefurthermoderationovercomingquarters.TheprobabilitythattheU.S.FederalReservewillbegineasingmonetarypolicyafterthesummerhasincreased,althoughinflationdevelopmentsovercomingmonthswillbecrucial.Allinall,theGECSpointstosomefurtherimprovementintheglobaleconomyinQ2.FurthersignsofapickupintheimportantWesternEuropeanandAsiaPacificregionsareencouraging,althoughthedeclineintheNorthAmericanandU.S.indicesbearwatchingclosely.Meanwhile,despitetheresilienceoftheglobaleconomysofarin2024,manyimportantdownsiderisksandchallengesremain.Stickyinflationcouldlimitcentralbanks’scopeformonetaryeasing,whilegeopoliticalanddomesticpoliticalrisksremainveryelevatedandwillcontinuetocreatesignificantuncertainty.Confidenceamongglobalaccountantsimprovedagaininthesecondquarter,andtherewerealsosmallgainsintheotherkeyindicators.CHART1:GECSglobalindicatorsIndex3020100-10-20-30-40-50-60Q22014Q22016Q22018ConfidenceIndexCapitalExpenditureIndexQ22020OrdersIndexEmploymentIndexQ22022Q22024Source:ACCA/IMA(2014–24)1Themedianisusedtocalculatetheaverages.31.GlobalandregionalanalysisTherewassomenotabledivergenceintheTheGECSGlobalNewOrdersIndexCONFIDENCEROSETHEMOSTINWESTERNEUROPE,regionalchangesinconfidenceinQ2(seeChart2).ThelargestgainwasinWesternEurope,whichfollowedadecentriseinQ1.ThisisconsistentwithcontinuingrecoveryintheeuroareaandUKeconomiesincreasedmodestlyagaininthelatestquarter(seeChart3)andremainsslightlyaboveitsaverageoverthesurvey’shistory.Therewasquiteabitofdivergenceattheregionallevel.TherewasaverysharpincreaseintheNewOrdersIndexinAsiaPacific,whichisnowsignificantlyaboveitshistoricalaverage.ThelargestfallwasintheMiddleEast,althoughtheindexhereremainsmeaningfullyaboveitsaverage.Amongtheotherregions,comparedwiththeirhistory,newordersarecomfortablyaboveaverageinAfricaandtoamuchlesserextentSouthAsia,andslightlybelowaverageinNorthAmericaandWesternEurope.BUTFELLSHARPLYaftertheweaknessinthesecondhalfof2023.TheincreaseinconfidenceinAsiaPacificwassmallbutnotable,becauseitcameafterahugerisepreviously.Theimprovementintheglobaleconomyandmanufacturingandsemiconductorsectorsislikelyanimportantcontributortorisingconfidenceintheregion.ByfarthelargestdeclineinconfidenceoccurredinNorthAmerica,erasingalmostthree-fifthsofthegainsmadeovertheprevioustwoquarters.ThedeclineinconfidencewasevenmorepronouncedintheU.S.,pointingtosomeslowingineconomicgrowth.ConfidenceissignificantlyhigherthanitshistoricalaverageinAsiaPacific,slightlyaboveintheMiddleEastandWesternEurope,atitsaverageinSouthAsia,slightlybelowaverageinAfrica,andwellbelowaverageinNorthAmerica.INNORTHAMERICA.Theproportionofglobalrespondentsreporting‘increasedcosts’easedinQ2,afterrisinginthepreviousquarter.AsChart4

shows,whilecostpressuresaredownfromtheirpeak,theyremainelevatedbyhistoricalstandards.Attheregionallevel,costpressureseasedsomewhatinWesternEurope,butwerelargelyunchangedinAsiaPacific,NorthAmerica,andtheMiddleEast.Confidencerosegloballyinthesecondquarterbuttherewassomeinterestingregionaldivergence.TherewasanotherdecentgaininWesternEuropebutasharpfallinNorthAmerica.CHART2:Confidence–changeoverthepastquarter/year,byregionIndexpoints3020100-10-20WesternEuropeAfricaGlobalAsiaPacificSouthAsiaMiddleEastNorthAmericaConfidenceoverthepastquarterSource:ACCA/IMA(2014–24)ConfidenceoverthepastyearTheGlobalNewOrdersIndexrosemodestlyinthesecondquarter,buttherewasaverylargegaininAsiaPacific.CHART3:GECSOrders–changeoverthepastquarter/year,byregionIndexpoints20100-10-20AsiaPacificSouthAsiaGlobalWesternEuropeAfricaNorthAmericaMiddleEastOrdersoverthepastquarterOrdersoverthepastyearSource:ACCA/IMA(2014–24)4GLOBALECONOMICCONDITIONSSURVEYREPORT:Q2,2024CostpressuresroseagaininSouthAsia,andtoalesserextentAfrica.contemplating,monetaryeasingshouldConcernsgloballythatcustomersandtreadverycarefully.ConcernsaboutcostsamongCFOswerelargelyunchangedsincethepreviousquarter(seeChart6),withover70%currentlyexperiencingincreasedoperatingcostscomparedwithahistoricalaverageofunder50%.suppliersmightgooutofbusinesseasedinQ2.NeitherofourtwoGECS’fear’indiceslookalarmingbyhistoricalstandards(seeChart7).Diggingbelowthegloballevel,AsiaPacificandSouthAsiaaretheonlyregionswhereconcernsaboutcustomersgoingCostpressuresremainelevatedbyhistoricalstandardsinallregionsexcepttheMiddleEast(seeChart5),suggestingthatthosecentralbanksenacting,orConcernsabout‘increasedcosts’easedslightlyinthesecondquarterbutremainelevatedbyhistoricalstandards.CHART4:Concernsaboutincreasedoperatingcosts%80706050403020Q22014Q22016Q22018Q22020Q22022Q22024%ofglobalrespondentsreporting‘increasedcosts’MedianoversurveyhistorySource:ACCA/IMA(2014–24)Costpressuresremainelevatedinmostregions,includingNorthAmericaandWesternEurope.CHART5:Concernsaboutincreasedoperatingcosts%ofrespondentsreportingincreasedcosts806040200NorthAmericaWesternEuropeMiddleEastAsiaPacificSouthAsiaAfricaQ22024MedianoversurveyhistorySource:ACCA/IMA(2024)TheproportionofCFOsexperiencingincreasedCHART6:GlobalCFOconcernsaboutincreasedoperatingcosts%ofrespondentsreportingincreasedcostsoperatingcostswaslargelyunchangedinQ2andremainselevatedbyhistoricalstandards.100806040Medianoversurveyhistory200Q22014Q22016Q22018Q22020Q22022Q22024Source:ACCA/IMA(2014–24)5GLOBALECONOMICCONDITIONSSURVEYREPORT:Q2,2024outofbusinessareaboveaverage,albeitnotmateriallyso.Concernsaboutsuppliersbeaparticularissue,withonlytheseriesforWesternEuropeandSouthAsiabeingoverthecomingquartersandyears.Theeasinginglobalfinancialconditionssincelastautumnhasbeenahelpfultailwindfortheglobaleconomy,andtheexpectedmonetaryeasingbythemajorcentralbanks,particularlytheU.S.FederalReserve,overcomingquarters,willclearlybebeneficial.Nevertheless,interestratesarestilllikelytoremainhighbythestandardsofthepost-GlobalFinancialCrisisperiod.goingoutofbusinessareattheiraverageinslightlyabovetheiraverages.AsimilarAsiaPacific,butbelowaverageelsewhere.storywaslargelyevidentinproblemssecuringpromptpayment,withonlyWesternEuropeandSouthAsiabeingmodestlyabovetheiraverages.Meanwhile,globalproblemswithaccessingfinanceandsecuringpromptpaymentdeclinedinthelatestquarter(seeChart8),andbothseriesarebelowtheirhistoricalaverages.InnoneofthemajorregionsdoproblemsaccessingfinanceappeartoThelaggedimpactofglobalmonetarytighteningislikelytoaffectcountries,sectors,andfirmstovaryingdegreesConcernsgloballythatcustomersorsupplierscouldgooutofbusinesseasedinthelatestquarteranddon’tlookalarmingbyhistoricalstandards.CHART7:GECSglobal‘fear’indicesIndex50403020100Q22014Q22016Q22018Q22020Q22022Q22024GECS:IndexofconcernaboutcustomersgoingoutofbusinessGECS:IndexofconcernaboutsuppliersgoingoutofbusinessSource:ACCA/IMA(2014–24)Globalproblemsaccessingfinanceandsecuringpromptpaymentdeclinedandarebelowtheirhistoricalaverages.CHART8:Problemssecuringpromptpaymentandaccessingfinance%353025201510Q22014Q22016Q22018Q22020Q22022Q22024ACCAGlobalproblemsaccessingfinanceACCAGlobalproblemssecuringpromptpaymentSource:ACCA/IMA(2014–24)6GLOBALECONOMICCONDITIONSSURVEYREPORT:Q2,2024NORTHAMERICACHART9:NorthAmericaConfidencefellsharplyinQ2inNorthAmerica(seeChart9)andisnowwellbelowitshistoricalaverage.TherewerealsosmalldeclinesintheNewOrdersandCapitalExpenditureindices,althoughtherewasadecentincreaseintheEmploymentIndex.Allthreeindicesarebelowtheirhistoricalaverages,employmentandcapitalexpenditurequitemateriallyso.TheresultsfortheU.S.weremuchworsethanforthecontinentasawhole,includingafallinconfidenceof28points,alargedeclineintheCapitalExpenditureIndex,andasmallfallintheEmploymentIndex.Aftertheextremelyrobustexpansioninthesecondhalfof2023,U.S.economicgrowthslowedinthefirsthalfof2024.ThefallinourU.S.indicatorsreflectsthisandmayaugursomefurthermoderationingrowth.TheprobabilityisincreasingthattheFederalReservebeginstoeasemonetarypolicyafterthesummer.Inflationdevelopmentsovercomingmonthswillbekey.Index6040200-20-40-60Q22014Q22016Q22018Q22020OrdersIndexQ22022Q22024Q22024Q22024ConfidenceIndexCapitalExpenditureIndexEmploymentIndexSource:ACCA/IMA(2014–24)ASIAPACIFICConfidenceroseverymodestlyinQ2,afterahugegainpreviously,andremainssignificantlyaboveitshistoricalaverage.Therewasalsoaverylargeincreaseintheforward-lookingNewOrdersIndex(seeChart10),whichisatitssecondhighestonrecord.Meanwhile,therewasquitealargeriseintheCapitalExpenditureIndex,whichisnowaboveitshistoricalaverage.TheEmploymentIndexdeclined,however,althoughitremainswellaboveaverage.Allinall,thekeyindicatorspointtoanincreasinglypositivebackdropforAsiaPacific.Theexport-orientedregionisbenefitingfromtheimprovingglobaleconomy,includingthepickupinthemanufacturingsectorandglobaltechnologycycle.ThesharpimprovementhasoccurreddespitetherathertentativerecoveryofChina’seconomyamidcontinuingproblemsinitshousingmarket.KeyrisksfortheregionareamorepronouncedthanexpectedslowingintheU.S.economyandrisingprotectionism.CHART10:AsiaPacificIndex20100-10-20-30-40-50-60-70Q22014Q22016Q22018Q22020Q22022ConfidenceIndexCapitalExpenditureIndexOrdersIndexEmploymentIndexSource:ACCA/IMA(2014–24)WESTERNEUROPEConfidencerosemoderatelyforthesecondconsecutivequarterinQ2andisnowatitshighestsinceQ12023andslightlyaboveitshistoricalaverage.Nonetheless,thepicturefortheotherkeyindicatorswasmixed.TheNewOrdersIndexwaslargelyunchangedandremainsslightlybelowitsaverage.TheCapitalExpenditureIndexfellquitematerially,whileemploymentrose–botharebelowtheirhistoricalaverages.Overall,thecontinuedriseinconfidenceisconsistentwitharecoveryintheeconomyofWesternEurope,althoughthekeyindicatorsdonotsuggestaparticularlyrobustexpansion(seeChart11).TheeuroareaandUKeconomiesarebenefitingfromimprovingrealincomesamonghouseholdsamidthesharpfallininflationandstrongpaygrowth.Monetarypolicyisalsobeginningtobecomesomewhatlessrestrictive.TheEuropeanCentralBankcutinterestratesinJuneandtheBankofEnglandmayfollowsuitovercomingmonths.Nevertheless,monetaryeasingislikelytobecautiousandgradual.CHART11:WesternEuropeIndex6040200-20-40-60Q22014Q22016Q22018Q22020Q22022ConfidenceIndexOrdersIndexEmploymentIndexCapitalExpenditureIndexSource:ACCA/IMA(2014–24)7GLOBALECONOMICCONDITIONSSURVEYREPORT:Q2,2024MIDDLEEASTCHART12:MiddleEastConfidencedeclinedsomewhatinQ2butremainedslightlyaboveitshistoricalaverage.TherewerealsoreasonablylargefallsintheNewOrders,CapitalExpenditureandEmploymentindices(seeChart12).TheNewOrdersIndexremainsmeaningfullyaboveitshistoricalaverage,theEmploymentIndexisarounditsaverage,whiletheCapitalExpenditureIndexiswellbelowaverage.Surveyrespondentshavebecomenoticeablylessoptimisticontheprospectsforincreasesingovernmentspendingoverthenextyear.Allinall,thelatestresultsweredisappointingandpaintasomewhatmixedpicturefortheregion.Thepurchasingmanagers’surveyshavealsorecentlypointedtosomeslowinginthenon-oilprivatesectorsinSaudiArabiaandtheUnitedArabEmirates,althoughtheyremainconsistentwithsolidgrowth.ThebeginningofratecutsbytheU.S.FederalReserveshouldbehelpfulfortheregion,butgeopoliticalrisksremain.Index6040200-20-40-60-80Q22014Q22016Q22018Q22020OrdersIndexQ22022Q22024Q22024Q22024ConfidenceIndexCapitalExpenditureIndexEmploymentIndexSource:ACCA/IMA(2014–24)SOUTHASIACHART13:SouthAsiaIndexConfidenceinSouthAsiadeclinedveryslightlyinQ2andiscurrentlyatitshistoricalaverage(seeChart13).TheNewOrdersIndeximprovedandisatitshighestsinceQ32022andaboveitsaverage.TherewasalsoasmallimprovementintheCapitalExpenditureIndex,whichisnowatitshistoricalaverage.Lessencouragingly,therewasahugefallintheEmploymentIndex,whichlostitsverylargegainsovertheprevioustwoquarters.Itisnowmateriallybelowitshistoricalaverage,althoughitscurrentleveliscertainlynotunprecedentedbyhistoricalstandardsandthiscanbeavolatileindex.Overall,thekeyindicators(saveemployment)remainconsistentwithabroadlyreasonablebackdropforSouthAsia.Theregion’slargesteconomy,India,shouldcontinuetobethefastest-growingmajorglobaleconomyovercomingyears:theInternationalMonetaryFund(IMF)forecastsannualgrowthinexcessof6%throughtheendofthedecade.40200-20-40-60-80Q22014Q22016Q22018Q22020Q22022ConfidenceIndexCapitalExpenditureIndexOrdersIndexEmploymentIndexSource:ACCA/IMA(2014–24)AFRICACHART14:AfricaIndexConfidenceimprovedslightlyagaininQ2(seeChart14)butremainsjustbelowitshistoricalaverage.TheNewOrdersIndexdeclinedmodestlybutremainsmeaningfullyaboveaverage.ThereweredecentincreasesinboththeCapitalExpenditureandEmploymentindicesaftersharpfallspreviously.Theformerisslightlybelowaverage,whilethelatterisaboveit.Highinflationremainsamajorissueintheregion.Concernsaboutincreasedoperatingcostsroseagainandremainelevatedbyhistoricalstandards,while73%ofsurveyrespondentsexpecttherateofinflationtoriseoverthenextthreemonthsinthecountrywheretheywork,whileonly14%expectadecline.Againstsuchabackdrop,51%ofrespondentsexpectanincreaseininterestratesoverthenextthreemonthsinthecountrywheretheywork,whileonly14%expectadecline.ThebeginningofmonetaryeasingbytheU.S.FederalReservewouldbeveryhelpfulfortheregion,butgeopoliticaldevelopmentsremainamajorrisk.40200-20-40-60-80Q22014Q22016Q22018Q22020Q22022ConfidenceIndexOrdersIndexEmploymentIndexCapitalExpenditureIndexSource:ACCA/IMA(2014–24)82.TheuncertaintieskeepingaccountantsupatnightForthefirsttimeinayear,theeconomyisnotthetopriskpriorityforrespondentsworkinginfinancialservices,althoughitisclosetothehighestithaseverbeensincetheglobalriskssurveywasfirstcarriedoutThisisinterestingsince,asdiscussedinpreviousreports,wefoundittobeabigAnotherinIndiaexplained:‘Climatechange,poorstateoffinancesoflocalgovernmentsblindspot,havingconsistentlyrankedattheandincreasedtaxesareallfactorsthatbottomoveralldespitetherisingnumberoffraudcasesinbothfinancialservicesandneedtobeconsidered,butthemostdifficultproblemiscustomerconfidenceintheeconomyandtheirowncapacitytoinvestinthingslikehousing’.amongaccountantsinthecorporatesector.thecorporatesector.Indeed,itwasrankedasthelowestpriorityofalloneyearagoTheglobalriskssurvey,initiatedinandisstillthelowest-rankingpriorityforrespondentsinthecorporatesector.November2022aspartofACCA’sresearchserieson‘RiskCulture:BuildingResilienceandSeizingOpportunities’,wasaddedasanewsectioninACCA-IMA’sGECSinAs‘talentscarcity,skillsgaps,employeeretention’continuestofalldowntheranksofconcernsinfinancialservices,ourTheopen-endedquestion,‘whatdoyoubelieveisthemostunderestimatedriskfindingsshowthattheyarebecomingevermorechallengingforthecorporatesector,withmanyrespondentssayingstaffturnoveristhebiggestunderestimatedrisk.Bigorsmall,corporatesarealsonaturallyconcernedwith‘logistics,supplychaindisruption,supplyshortages’andweseeagrowinglackofconfidenceinhowboardsandseniormanagementtackletheinterconnectednessofalltheseissues.2023’sQ2report.Oneyearon,itcontinuesfacingyourorganisation?’,helpsputalltoshedlightontheriskperspectivesoffinancialprofessionalsaroundtheworldandexclusivelyinthehandsofthirdparties,forthisintocontext.‘Certainkeyfunctionsarefindingsfromthesecondquarterof2024(Q22024)areparticularlytellingabouttheincreasinglackofforesightamong,anderodingtrustin,businessleaders.example,ourmoneytransferapplication.Variousfraudincidentshavebeeninvestigated,butcontrolsarestillnotfullyimplemented’,arespondentfromSierraLeonecommented.While‘economicinflation,recession,interestrates’remainedthetopriskpriorityoverall,itsleadnarrowedbecausefewerrespondentsfromfinancialservicesrankeditintheirtopthreeandinsteadranked‘regulatory,compliance,legal’issueshigherforthefirsttimesinceQ42022.Ontheotherhand,thecorporatesectorkept‘economicinflation,recession,interestrates’asanevenstrongerfirstpriorityandput‘internationalandgeopoliticalinstability’backintothetopthreeafterdroppingitdowntofourthplaceinQ12024.Fromnewmonetaryandfiscalpoliciestotheperilsandpromisesofartificialintelligence(AI)andintensifyingimpactsofclimatechange,respondentsinQ22024didn’tholdbackaboutthechallengestheyfacegiventheunprecedentednumberofelectionsthisyearontopofalreadyacceleratinggreenanddigitaltransformations.‘Thecompanyisgoodatincreasingpricesofourproductsinsteadoffindingwaystoincreasevolumes’,saidoneACCAmember.‘Seniormanagement’sdrivetochangeforthesakeofshareholdernarrative,ratherthantruegrowthandexploitationofopportunities,iswastingcapitalonnon-value-add[ing]paths’,addedanother.‘Whilecybersecurityhasbeenaconcernforfinancialinstitutionsforyears,thesophisticationandfrequencyofcyberattacks,manystate-run,continuetoevolveandnoonereallyunderstandstheconsequencesorhowtoaccountforthem’,Additionally,asarespondentinAustralianoted,‘Myorganisationhasoutdatedtechnologythatwilllimitprogressgoingforward’.Another,intheU.S.,concluded,‘Weareatahighriskofbeingunabletobringinnewbusiness[owing]tochangingbuyinghabits;thequestionis,whatarewedoingaboutit?’.Wealsocontinuetoseehowriskconcernsvaryacrossindustries,quarter-to-quarter.Forexample,accountantsinfinancialservicesput‘misconduct,fraud,reputationalarespondentintheU.S.said.damage’intothetopthreeforthefirsttime.CHART17:Toprankedriskpriorities–changeoverthepastyear%Q22024Q12024Q42023Q32023302520151050Economicinflation/Talentscarcity/Technology/Regulatory/compliance/andgeopoliticallegalinstabilityInternationalClimatec