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Global study by IMA and ACCA among 1,000 financial experts / Germany well positioned for economic recovery after Corona

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- Western Europe is generally pessimistic about economic development
- In a global comparison, Germany has come through the crisis better than others
- Economic policy measures have different effects internationally
- Consumers save more and change their consumer behavior in the long term In the past three months, hopes of a quick general economic recovery have largely been dashed. The chances of an economic recovery in Germany are better than in many other countries - the country has so far come to grips with the economic consequences of the pandemic better than others, according to the latest figures from the Global Economic Conditions Survey (GECS), a worldwide one Study by the Institute of Management Accountants (IMA) and the Association of Chartered Certified Accountants (ACCA) among more than 1,000 auditors and CFOs. The study sheds light on the economic recovery process in different countries and regions around the globe.

After the purchasing indices fell suddenly in the second quarter of 2020, they rose again in the third quarter. However, more than 60 percent of those surveyed in Western Europe see a significant upswing only later in the coming year.

Overall, Western Europeans are more pessimistic about the economic recovery. The North American respondents are significantly more optimistic. This is remarkable in that companies in both economic areas have the best access to financial resources worldwide. Nevertheless, the confidence index rose to a positive value of almost 20 percent in the USA in the third quarter of 2020, while it remained in the negative range in Western Europe.

Europe's economy is preparing for a longer recovery phase

The respondents around the world agree that the economic recovery will drag on well into the coming year. Western Europe, however, is more dynamic than any other region. Nevertheless, almost two thirds of the study participants from Western Europe do not expect the catching-up process to end until the second half of 2021 at the earliest. This also applies to the German economy, which, despite comparatively good figures, will also hardly regain its old strength before this period.

Longer short-time working as a recipe for success?

In this context, it is also about the state support measures. Here the countries act inconsistently: The British counterpart to short-time work ends this month, and the Dutch have also cut their short-term support. This is different in France and Germany, where the relevant programs will be extended until next year. The different approaches and deadlines once again show the general uncertainty of the Western European countries - although Germany can at least refer to the good experience with short-time working so far.

Lastingly changed consumer behavior - business and politics have to react

The impact of the pandemic is so far-reaching that it can change the way in which growth will be achieved in the long term. Consumer behavior also plays a role here - after the deprivation of short-time work and lockdown, many people have changed their consumer behavior and increased their savings rate. This suggests that the public sector may have to run significant budget deficits for some time to support aggregate demand. Fortunately, interest rates can still be expected to remain low.

The complete report can be found here (


The Global Economic Conditions Survey (GECS)

The Global Economic Conditions Survey (GECS) is the largest regularly recurring economic survey of accountants and controllers worldwide. It has been carried out by the global industry associations ACCA and IMA for more than ten years. The metrics and results reflect economic activity and provide valuable insights into the views of finance professionals - from investment behavior to employment to costs. Because of the quarterly structure and the size of the population, GECS is a reliable indicator for any company or socio-economic organization. The data for the current Q3 study was collected between August 25 and September 8, 2020 from 1,067 members of the ACCA and IMA, including more than 100 CFOs. You can find more information at:'ssopc=1

About IMA® (Institute of Management Accountants)

The IMA® (Institute of Management Accountants) is one of the largest international associations for accountants and finance professionals. The IMA® supports accountants, accountants, CFOs, auditors and other experts in the financial sector through research and the internationally recognized advanced training for the CMA ('ssopc=1)® (Certified Management Accountant) and the CSCA® program (Certified in Strategy and Competitive Analysis). Training to become a CMA is a key factor in a career in finance. Further training opportunities, intensive networking and strict advocacy of ethical business practices are also part of his field of activity.

The IMA has a global network with more than 140,000 members in 150 countries, including around 80,000 CMA carriers. 300 professional chapters are also represented here. The trade magazines The Accountant / International Accounting Bulletin have recognized the IMA as the professional association for 2017 and 2018.

Headquartered in Montvale / N.J., USA, the IMA offers locally specified services in all global regions in which the institute is active (North and South America, Asia / Pacific, Europe and the Middle East / India). In Europe, the IMA currently has over 3,000 members and is represented with its own offices in Amsterdam and Zurich. (As of September 2020)

More information about IMA can be found at (

About ACCA (Association of Chartered Certified Accountants)

ACCA (Association of Chartered Certified Accountants) is the global association of professional accountants providing world-class, business-relevant qualifications to individuals with appropriate aptitudes, skills and ambitions around the world seeking successful careers in accounting, finance and management.

ACCA supports its 227,000 members and 544,000 students (including affiliates) in 176 countries, helping them develop successful careers in accounting and business with the skills required by employers. ACCA works with a network of 110 offices and branches and 7,571 recognized employers worldwide as well as 328 authorized training providers who offer high standards of learning and development. In its public interest mandate, ACCA promotes adequate accounting regulation and conducts relevant research to ensure that the accounting reputation and influence continue to grow.

ACCA has made important changes to its core education to ensure that its members and prospective members continue to be the world's most valued, up-to-date, and sought-after accounting professionals. Since its inception in 1904, ACCA has always represented unique values: opportunity, diversity, innovation, integrity and accountability. More information can be found here: (

Press contact:

IMA / FleishmanHillard Germany
Betty Lauerbach
[email protected]
Tel: + 49- 69-405702 -461

Helen Thompson
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Tel: +44 (0) 20 7059 5759
Mobile: +44 (0) 7725 498 654

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