Singapore, October 26, 2026 — Asia Pacific’s New Orders Index improved for a second consecutive quarter in Q3, bringing it close to its highest level in the survey’s history, according to the latest Global Economic Conditions Survey (GECS) from ACCA (the Association of Chartered Certified Accountants) and IMA (Institute of Management Accountants).
The region’s Capital Expenditure and Employment indices also recorded gains and are now around their historical averages. Confidence among accountants in Asia Pacific fell significantly, giving up almost three-fifths of its sharp increase in Q2, although it remained just above its long-term average. Globally, confidence declined only slightly.
The fall in regional confidence may reflect renewed tensions in the Middle East and the rebound in energy prices. However, the key indicators generally point to a constructive picture. Resilient US and global economies are supportive, while several countries in Asia Pacific are benefiting from the global AI boom, with robust investment in the US fuelling surging exports from the region.
Geopolitical Instability Tops Regional Risk Priorities
Geopolitical instability was the top risk priority for finance professionals in Asia Pacific, ranked first by 24.1% of respondents in the region, compared with 18.4% globally. Worldwide, economic pressures ranked first, at 24.4%.
Talent and skills concerns were also more prominent in Asia Pacific, ranked first by 14.9% of respondents, compared with 10% globally. Supply chain disruption was cited by 9.2% of respondents in the region, against 6.6% worldwide. Several respondents in Asia Pacific also described how climate change could disrupt supplies and services.
Operating Costs Remain Elevated
Cost pressures remain a concern for businesses in the region. In Q3, 62% of Asia Pacific respondents reported increased operating costs. Although this was down from Q2, the figure remained meaningfully above the series average of 52%. Resilient economic activity and elevated cost pressures may increase pressure on central banks in the region to tighten monetary policy. The proportion of respondents expecting interest rates to rise in their country over the next three months reached 41%, up from 24% in Q1 and 30% in Q2.
Globally, the survey points to a resilient economy, although downside risks are growing amid the renewed rise in energy prices and inflation, large increases in government bond yields, and tighter monetary policy. Almost 70% of accountants worldwide reported increased operating costs in Q3. Nearly 50% expected interest rates to rise in their country over the next three months, up from 42% in Q2.
AI Boom Supports Growth Amid Global Economic Risks
Jonathan Ashworth, Chief Economist at ACCA said, “Asia Pacific’s key indicators appear quite encouraging, with the region being a major beneficiary of the global AI investment boom. Downside risks remain though, including a further large rise in energy prices and what is expected to be an extremely powerful El Niño weather effect. Anything that fuelled a meaningful slowing in the AI boom would also clearly be problematic.”
Alain Mulder, Senior Director, Europe Operations & Global Special Projects at IMA, said, “There is something of a tug of war going on in the global economy at the present time, with the AI boom a major driver of growth and stock markets, while higher energy prices, inflation and government bond yields are pulling in the other direction. Further significant gains in energy prices and government borrowing costs would be increasingly challenging for global growth.”
Ashworth added, “While the global economy has shown remarkable resilience this year, downside risks remain prevalent. The longer energy and other prices remain elevated, the greater the pressure on firms to pass on their cost increases, which would weigh on consumers and increase the likelihood of further rate hikes by the major central banks.”
