Weak economic growth likely in 2022

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Weak growth looks the most likely outcome for the rest of 2022, according to the latest edition of the Global Economic Conditions Survey (GECS) from ACCA (the Association of Chartered Certified Accountants) and IMA® (Institute of Management Accountants).

The Q2 Global Economic Conditions Survey (GECS) – conducted in mid-June – pointed to a decisive deterioration in the global economic outlook due to the effects of war in Ukraine and the surge in inflation across much of the world. But while risks have risen, indications are that a global recession will be avoided.

However, while confidence among financial professionals has dropped sharply, the level remains above the low-point reached at the height of the COVID-19 pandemic.The two ‘fear’ indices – reflecting level of concern that customers and suppliers may go out of business – were little changed in the Q2 survey, both edging slightly higher.—Agencies

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