Accountancy experts say global unemployment is expected to increase sharply, despite economic confidence in Q2 showing small signs of recovery.

A worldwide survey of more than 1,000 senior accountancy practitioners found that confidence picked up by 2.5% to -40 after capitulating to a record-low in Q1 with the world reeling from the Covid-19 fallout.

The survey highlighted an employment index fall of 13% to a nine-year low of -55 points. This is likely to put jobs at risk and represents a significant challenge for job seekers, businesses, and governments around the world.

The report Global Economic Conditions Survey (GECS), jointly published by ACCA (Association of Chartered Certified Accountants) and IMA^® (Institute of Management Accountants) reveals:

·         Global confidence recovered slightly from the record low reached in the Q1 survey

·         Optimism that recovery is in prospect in the second half of the year, notwithstanding the collapse in activity through the first half

·         Government spending expectations fell by more than 2.5% compared to Q1 

·         All regions globally in expected unemployment rise

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