Accountancy experts say global economic confidence in Q1 has capitulated as economies struggle to get to grips with the fallout from the Coronavirus.

A global survey of more than 870 senior accountancy practitioners, who reflect the outlook of thousands of businesses they advise, found that confidence has fallen by 13% to -45, representing a report low in the 11 year history of the research.

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 fell to its lowest level on record with big falls in all regions
• The global orders index, which tends to be less volatile than confidence, also fell sharply
• Asia Pacific confidence is the lowest among all regions and the orders balance fell by more than anywhere else in Q1
• The regional index of concern about suppliers going out of business jumped to a record high of 22 in Q1 compared with a long run average of 8

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