ACCA and IMA’s quarterly survey found operating-cost pressure intensified globally as Middle East conflict fallout hit commodities and supply chains, even as accountant confidence recovered modestly from near-record Q1 lows.
Operating-cost pressures intensified in Q2 2026, with more than three-quarters of accountants worldwide reporting higher costs and 83% of CFOs saying they experienced increased costs, according to the Global Economic Conditions Survey from ACCA (Association of Chartered Certified Accountants) and IMA (Institute of Management Accountants). The survey, conducted June 3-17 before renewed fighting and the resumption of the U.S. naval blockade, tied the strain to soaring commodity prices and supply chain disruptions linked to the Middle East conflict. North America also saw a sharp increase, with the share of accountants reporting higher costs rising by more than 10 percentage points to 74% in Q2, well above the series average. The global cost reading exceeded the previous record set after Russia’s invasion of Ukraine, while the CFO figure came after a record-breaking rise of more than 20 percentage points from Q1 and approached peaks seen in 2022 and 2023. Confidence improved globally from levels near a record low in Q1, though accountants remained downbeat by historical standards. The survey said the recovery likely reflected the global economy’s resilience and signs at the time of fieldwork that the conflict could move toward resolution, easing fears of worst-case outcomes. Even so, declines in the Global New Orders, Capital Expenditure, and Employment indices pointed to slower growth amid private-sector caution, higher inflation, and tighter-than-expected monetary policy, though not to a major slowdown. Regional sentiment remained weak by historical standards in North America and Western Europe, but rebounded sharply in Asia-Pacific to meaningfully above average. The survey said that improvement likely reflected hopes for conflict resolution, economic resilience, and the global AI boom, which is benefiting exporters in the region. Risk priorities also shifted in Q2 2026, with economic pressures ranked first at 22%, ahead of geopolitical instability at 20% and cybersecurity at 14%. Respondents highlighted a risk environment shaped by prolonged wars, rising cybercrime, policy uncertainty, and AI-related concerns around sustainable value, cyber resilience, and accountability. IMA’s Alain Mulder said the AI boom is supporting the global economy and financial markets, but warned that developments in the Middle East over coming months will be crucial. ACCA’s Jonathan Ashworth said firms’ efforts to pass on higher costs to consumers could increase the risk of central bank policy tightening, though favorable diplomatic developments and oil returning to around pre-crisis levels could allow policymakers to hold steady through the rest of 2026.