特许公认会计师公会（ACCA）：2025年第四季度全球经济状况调查报告（英文版）（11页）.pdf

1、Global economic conditions survey report:Q4,2025.GLOBAL ECONOMIC CONDITIONS SURVEY REPORT:Q4,2025Executive summary 2uncertainty as countries have agreed trade deals or truces with the U.S.;and the global artificial intelligence(AI)boom,which is boosting technology-related exports.Confidence declined

2、 in North America,where accountants appear very downbeat at present,albeit somewhat less so than in the first half of 2025.Higher import tariffs,policy uncertainty and high interest rates likely remain important drags on sentiment.Confidence was largely unchanged at very low levels in Western Europe

3、 and remains extremely depressed in the UK.The Employment and Capital Expenditure indices speak to significant caution among firms in advanced economies.In North America,the Employment Index was at a record low in Q4(see Chart 9),even beneath the trough seen during the pandemic,while the Capital Exp

4、enditure Index was at its second lowest on record,although it was not that much lower than a number of other readings in recent years.Accountants flagged economic pressure,cyber disruption and geopolitical uncertainty as the top risk priorities,underscoring that risks are increasingly complex and in

5、terlinked(see Chart 17).Despite this,Q4 2025 respondents preparedness for non-financial shocks,such as cyber threats,misconduct and fraud,appeared moderate at best,signalling a gap between risk awareness and organisational readiness in an era of heightened uncertainty.Accountants remain cautious ent

6、ering 2026,amid a highly uncertain global backdrop.The global economy performed better than expected in 2025 and looks set to remain resilient in 2026 amid recent monetary easing by central banks,stock market gains,supportive fiscal policies in key countries,and the ongoing global AI boom.But there