Business confidence in the Middle East is at its lowest ebb for more than five years, according to the latest global survey of accountants.
The Global Economic Conditions Survey (GECS) carried out jointly by ACCA (The Association of Chartered Certified Accountants) and IMA (the Institute of Management Accountants) for the third quarter of 2015 suggests that the renewed fall in oil prices is likely to have concerned businesses, given the region’s dependence on energy exports. Capital expenditure plans have understandably been pared back. Businesses have also become much more downbeat about the ability of governments to continue propping up growth with fiscal stimulus.
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