Global economic conditions survey: Q2, 2018

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team</span></a> </li> <li class="rf-main-nav__sub-item"><a href="/us/en/professional-insights/global-economics.html" class="rf-main-nav__sub-item-link"><span class="rf-main-nav__sub-item-text">Global economics</span></a> </li> <li class="rf-main-nav__sub-item"><a href="/us/en/professional-insights/pro-accountants-the-future.html" class="rf-main-nav__sub-item-link"><span class="rf-main-nav__sub-item-text">Professional accountants - the future | ACCA</span></a> </li> <li class="rf-main-nav__sub-item"><a href="/us/en/professional-insights/risk.html" class="rf-main-nav__sub-item-link"><span class="rf-main-nav__sub-item-text">Risk</span></a> </li> <li class="rf-main-nav__sub-item"><a href="/us/en/professional-insights/global-profession.html" class="rf-main-nav__sub-item-link"><span class="rf-main-nav__sub-item-text">Supporting the global profession</span></a> </li> <li class="rf-main-nav__sub-item"><a href="/us/en/professional-insights/technology.html" 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rf-header-mobile-controls__item--my-acca my-acca"> <a class="rf-header-mobile-controls__item-link rf-btn rf-btn--borderless rf-btn--iconed" href="/us/en/footer-toolbar/myacca.html" target='_blank'> <span class="rf-btn__text"> myACCA</span> <span class="rf-btn__icon-container"> <span class="rf-btn__icon icon-right"></span> </span> </a> </li> </ul> <form id="header-region-select-mobile" action="/path/to/post/action.html" method="post"> <div class="regionSelectorMobile"><div class="rf-country-selector country-selector-container" aria-hidden="true"> <div class="rf-country-selector__inner">  <div class="rf-country-selector-global-message global-message"> <span class="rf-country-selector-global-message__icon icon-pin"></span> <p class="rf-country-selector-global-message__text"> <span class="rf-country-selector-global-message__text-part"> Can't find your location listed?</span> <span class="rf-country-selector-global-message__text-part 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class="rf-country-selector-regions-nav__item-link" data-countries-show="#region-africa">Africa</button> </li> <li class="rf-country-selector-regions-nav__item" aria-selected="false"> <button class="rf-country-selector-regions-nav__item-link" data-countries-show="#region-asia">Asia</button> </li> </ul>   <div class="rf-country-selector-regions countries-sections"> <div id="region-americas" class="rf-country-selector-region rf-country-selector-region--open"> <button class="rf-country-selector-region__name"> <span class="rf-country-selector-region__name-label"> Americas </span> <i class="rf-country-selector-region__name-icon icon-arrow-down"></i> </button> <ul class="rf-country-selector-region__list"> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/ca/en.html" data-region-id="CA" data-region-grouping-id="">Canada</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/us/en.html" data-region-id="US" data-region-grouping-id="">USA</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/caribbean/en.html" data-region-id="BS" data-region-grouping-id="caribbean">Bahamas</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/caribbean/en.html" data-region-id="BB" data-region-grouping-id="caribbean">Barbados</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/caribbean/en.html" data-region-id="BM" data-region-grouping-id="caribbean">Bermuda</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/caribbean/en.html" data-region-id="KY" data-region-grouping-id="caribbean">Cayman Islands</a> </li> </ul><ul class="rf-country-selector-region__list"> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/caribbean/en.html" data-region-id="GY" data-region-grouping-id="caribbean">Guyana</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/caribbean/en.html" data-region-id="JM" data-region-grouping-id="caribbean">Jamaica</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/caribbean/en.html" data-region-id="OECS" data-region-grouping-id="caribbean">OECS</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/caribbean/en.html" data-region-id="TT" data-region-grouping-id="caribbean">Trinidad & Tobago</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/caribbean/en.html" data-region-id="VG" data-region-grouping-id="caribbean">Virgin Islands (British)</a> </li> </ul> </div> <div id="region-europe" class="rf-country-selector-region"> <button class="rf-country-selector-region__name"> <span class="rf-country-selector-region__name-label"> Europe </span> <i class="rf-country-selector-region__name-icon icon-arrow-down"></i> </button> <ul class="rf-country-selector-region__list"> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/uk/en.html" data-region-id="GB" data-region-grouping-id="">United Kingdom</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/scotland/en.html" data-region-id="SCT" data-region-grouping-id="">Scotland</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/wales/en.html" data-region-id="WLS" data-region-grouping-id="">Wales</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/ie/en.html" data-region-id="IE" data-region-grouping-id="">Ireland</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/ubcs/en.html" data-region-id="AM" data-region-grouping-id="ubcs">Armenia</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/ubcs/en.html" data-region-id="AZ" data-region-grouping-id="ubcs">Azerbaijan</a> </li> </ul><ul class="rf-country-selector-region__list"> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/ubcs/en.html" data-region-id="BY" data-region-grouping-id="ubcs">Belarus</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/crsh/en.html" data-region-id="CZ" data-region-grouping-id="crsh">Czech Republic</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/ubcs/en.html" data-region-id="EE" data-region-grouping-id="ubcs">Estonia</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/ubcs/en.html" data-region-id="GE" data-region-grouping-id="ubcs">Georgia</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/crsh/en.html" data-region-id="HU" data-region-grouping-id="crsh">Hungary</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/ubcs/en.html" data-region-id="LV" data-region-grouping-id="ubcs">Latvia</a> </li> </ul><ul class="rf-country-selector-region__list"> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/ubcs/en.html" data-region-id="LT" data-region-grouping-id="ubcs">Lithuania</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="http://www.accapolska.pl" data-region-id="PL" data-region-grouping-id="">Poland</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/russia/en.html" data-region-id="RU" data-region-grouping-id="">Russia</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/crsh/en.html" data-region-id="SK" data-region-grouping-id="crsh">Slovakia</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/ubcs/en.html" data-region-id="UA" data-region-grouping-id="ubcs">Ukraine</a> </li> </ul> </div> <div id="region-middle-east" class="rf-country-selector-region"> <button class="rf-country-selector-region__name"> <span class="rf-country-selector-region__name-label"> Middle East </span> <i class="rf-country-selector-region__name-icon icon-arrow-down"></i> </button> <ul class="rf-country-selector-region__list"> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/middle-east/en.html" data-region-id="AE" data-region-grouping-id="middle-east">United Arab Emirates</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/middle-east/en.html" data-region-id="OM" data-region-grouping-id="middle-east">Oman</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/middle-east/en.html" data-region-id="BH" data-region-grouping-id="middle-east">Bahrain</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/middle-east/en.html" data-region-id="KW" data-region-grouping-id="middle-east">Kuwait</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/middle-east/en.html" data-region-id="SA" data-region-grouping-id="middle-east">Saudi Arabia</a> </li> <li 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class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/middle-east/en.html" data-region-id="PS" data-region-grouping-id="middle-east">State of Palestine</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/middle-east/en.html" data-region-id="IQ" data-region-grouping-id="middle-east">Iraq</a> </li> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/middle-east/en.html" data-region-id="LB" data-region-grouping-id="middle-east">Lebanon</a> </li> </ul><ul class="rf-country-selector-region__list"> <li class="rf-country-selector-region__item"> <a href="#" class="rf-country-selector-region__item-link" data-url="/content/accaglobal/middle-east/en.html" data-region-id="SY" data-region-grouping-id="middle-east">Syrian Arab Republic</a> </li> </ul> 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href="/us/en/help.html" class="rf-header-utility-bar__link-url">Help & support</a> </li> </ul> </div> </div>  </div> </div> </header>   </div> </div> </div> </div> </div> <div id="main"> <div class="header-banner articleHeroBanner"><div class="content-section hero-banner"> <div class="hero-banner-image"> <div class="hero-banner-blur" style="background-image: url(/etc.clientlibs/membersbeta/clientlibs/static-assets/resources/img/components/hero/article-default-hero-image-3.jpg);" data-image="/etc.clientlibs/membersbeta/clientlibs/static-assets/resources/img/components/hero/article-default-hero-image-1.jpg"></div> <div class="hero-banner-overlay"></div> </div> <div class="inner hero-article-heading-container"> <div class="hero-panel"> <p class="article-category"> Policy and insights report</p> <p class="article-date"> 12 July 2018</p> <h1> Global economic conditions survey: Q2, 2018</h1> </div> </div> <div class="inner hero-article-details-container hidden-xs hidden-sm"> <div class="hero-resource-details articleHeroDetails"><div class="hero-article-details"> <div class="row"> <div class="col-xs-12 col-sm-offset-7 col-md-4"> <div class="panel panel-article-details"> <span class="cpd-icon"></span> <div class="content"> <h2> Global economics</h2> </div> </div> <div class="panel panel-author-details"> <div class="details"> <div class="content"> <h4> ACCA author</h4> <h3> Narayanan Vaidyanathan</h3> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div class="content-section section-article-content"> <div class="inner"> <div class="hero-article-details-container visible-xs visible-sm"> <div class="hero-resource-details articleHeroDetails"><div class="hero-article-details"> <div class="row"> <div class="col-xs-12 col-sm-offset-7 col-md-4"> <div class="panel panel-article-details"> <span class="cpd-icon"></span> <div class="content"> <h2> Global economics</h2> </div> </div> <div class="panel panel-author-details"> <div class="details"> <div class="content"> <h4> ACCA author</h4> <h3> Narayanan Vaidyanathan</h3> </div> </div> </div> </div> </div> </div> </div> </div> <div class="row"> <div class="article-content-top col-xs-12 col-sm-12 col-md-10 col-md-offset-1"> <ul class="breadcrumb-nav"> <li> <a href="/us/en.html">Home</a> </li> <li> <a href="/us/en/professional-insights.html">Policy and insights</a> </li> </ul> <div class="socialsharing socialSharing"><div class="social-sharing sticky hidden-print"> <ul> <li data-tooltip="Share on Twitter"> <a href="#" onclick="window.open('https://twitter.com/home?status=https://www.accaglobal.com/content/accaglobal/us/en/professional-insights/global-economics/global-economic-conditions-survey-Q2-2018.html','name','width=600,height=400')"> <span class="text"> Twitter </span> <span class="icon"> <i class="icon-social-twitter"></i> </span> </a> </li> <li data-tooltip="Share on Facebook"> <a href="#" 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class="text"> Email </span> <span class="icon"> <i class="icon-email"></i> </span> </a> </li> <li class="copy" data-tooltip="Copy link to clipboard"> <a href="#" class=""> <span class="text"> Copy </span> <span class="icon"> <i class="icon-copy-to-clipboard"></i> </span> </a> </li> </ul> </div></div> <div class="contentIntro title"><h2 class=""> Economic confidence dipped from its Q1 peak in the second quarter of 2018, although it remains high by recent standards.</h2> </div> </div> </div> <div class="row article-main"> <div class="article-content-main col-xs-12 col-sm-7 col-md-6 col-md-offset-1"> <div class="main-content parsys"><div class="image parbase section"><p class=""> <img src="/content/dam/ACCA_Global/professional-insights/GECS-q2-2018/GECS-Q2-2018%20570x430px.jpg/_jcr_content/renditions/original" alt="Image of a female business figure standing on a podium with steps on the right looking out of a telescope" title="Image of a female business figure standing on a podium with steps on the right looking out of a telescope" class="cq-dd-image"></p></div> <div class="textSection text section"><p> </p> <p>Price pressures have been building as the global economic recovery has continued, and increased costs remain respondents' main concern this quarter. In terms of how businesses are responding to the changing economic environment, 40% say they are laying off staff, while 32% say they are considering scaling back investment in capital projects.</p> <h4>North America at the top</h4> <p>North America was once again the most confident region in the world in the second quarter. Confidence in the US was flat in the second quarter of the year, but it remains high by recent standards. This is reflected in the official data, which suggest that the massive tax cut at the start of the year is leading to higher consumption.</p> <h4>Africa follows closely</h4> <p>In Africa, economic confidence fell back in the second quarter of 2018 – but from a record high in Q1. Confidence, however, is still high by the standards of recent quarters, and Africa is the second most confident region after North America. The breakdown shows an improvement in the employment sub-component, but the fall in confidence suggests that all of Africa's key economies had a difficult start of the year.</p> <h4>Western Europe and UK plummet</h4> <p>Overall confidence in Western Europe fell sharply in the second quarter of the year, and it is now lower than its average since the GECS began. In the UK, economic confidence plummeted in the second quarter and is now well below the historical average. The fall is consistent with the latest GDP data and comes alongside the challenges in coming to an agreement on terms of UK's exit from the bloc.</p> <h4>China fears a trade war</h4> <p>Economic confidence in the Asia Pacific region dropped back slightly in Q2. However, confidence in Q2 was the second highest on record. China also had a drop in the second quarter with growing fears of a trade war with the US. In late June, the US administration threatened to impose another US$200bn of tariffs on Chinese goods. The move prompted a sharp fall in the stock market, which having fallen 20% from its recent high is now in bear-market territory.</p> <p><a href="/us/en/professional-insights/new-meet-the-team/narayanan-vaidyanathan.html">About Narayanan Vaidyanathan, lead author, ACCA</a></p> <script> (function($) { //Remove the styles from the page as it comes $(".textSection").find("li,ul,ol,span,p,div").css({fontFamily: "", fontSize: ""}); }(window.jQuery)); </script></div> <div class="linkList section"><div class="link-list-resourcefinder"> <h5>Further reading</h5> <ul> <li> <a href="/content/dam/ACCA_Global/professional-insights/GECS-q2-2018/GECS-Q2-2018.pdf" title="Download the full report in PDF format (768KB)" target="_self"> <span class="icon-right pull-right red-right-arrow" aria-hidden="true"></span> <p class="description">Download the full report in PDF format (768KB)</p> </a> </li> <li> <a href="/us/en/professional-insights/global-economics.html" title="More insights on 'Global Economics'" target="_self"> <span class="icon-right pull-right red-right-arrow" aria-hidden="true"></span> <p class="description">More insights on 'Global Economics'</p> </a> </li> <li> <a href="/us/en/professional-insights.html" title="Read the latest professional insights" target="_self"> <span class="icon-right pull-right red-right-arrow" aria-hidden="true"></span> <p class="description">Read the latest professional insights</p> </a> </li> </ul> </div> </div> </div> <div class="related-topics"> <h3> Related topics </h3> <ul> <li> <a href=""> <span class="text">Financial management and forecasting</span> </a> </li> </ul> </div> </div> <div class="article-content-side col-xs-12 col-sm-5 col-md-4"> <div class="side-content-articleDetails articleDetails"><div class="panel panel-article-details"> <span class="cpd-icon"></span> <div class="content"> <h2>Global economics</h2> <p></p> </div> </div> </div> <div class="social-sharing-mobile socialSharingMobile"><div class="social-sharing 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onclick="window.open('https://www.linkedin.com/shareArticle?mini=true&url=https://www.accaglobal.com/content/accaglobal/us/en/professional-insights/global-economics/global-economic-conditions-survey-Q2-2018.html&title=&summary=&source=','name','width=600,height=400')"> <span class="text"> LinkedIn </span> <span class="icon"> <i class="icon-social-linkedin-inverted"></i> </span> </a> </li> <li> <a href="mailto:?body=https://www.accaglobal.com/content/accaglobal/us/en/professional-insights/global-economics/global-economic-conditions-survey-Q2-2018.html"> <span class="text"> Email </span> <span class="icon"> <i class="icon-email"></i> </span> </a> </li> <li data-tooltip="Copy link to clipboard"> <a href="#" class=""> <span class="text"> Copy </span> <span class="icon"> <i class="icon-copy-to-clipboard"></i> </span> </a> </li> </ul> </div> </div> <div class="side-content parsys"><div class="relatedDocuments parbase section"><div class="panel panel-dark panel-related-downloads"> <div class="details"> <div class="content"> <h3> Download the full report</h3> </div> </div> <ul> <ul class="parDocuments parsysList parsys"><div class="download parbase section"><li> <a href="/content/dam/ACCA_Global/professional-insights/GECS-q2-2018/GECS-Q2-2018.pdf" target="_blank"> <span class="type"><strong>Download</strong> PDF768KB</span> <span class="title">Global economic conditions survey: Q2, 2018</span> </a> </li> </div> </ul> </ul> </div></div> <div class="contentPromo section"><div class="hero hero-red" data-id="side-content-contentpromo_3bc6"> <div class="content-promo-wrapper"> <h3>The outlook for the global economy remains positive</h3> <p>• US economy remains strong, helped in part by the recent tax cut which has boosted household incomes and business sentiment. <BR><BR> • Helped by an easing of fiscal austerity, low interest rates and strong export demands, the Eurozone's growth should hold up fairly well.<BR><BR> • Rebounding commodity prices have boosted the outlook 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