1、Global economic conditions survey report:Q2,2025.GLOBAL ECONOMIC CONDITIONS SURVEY REPORT:Q2,2025Executive summary 2Confidence rose somewhat in Western Europe and North America but fell sharply in Asia Pacific.Confidence in North America rose in Q2(see Chart 2),amid some improvement in sentiment amo

2、ng U.S.-based accountants,but it remains depressed by historical standards,and the other key indicators for the region are at low levels historically.There was another moderate gain in confidence in Western Europe,aided by a further improvement in the UK from its record low in Q4 2024.Nonetheless,co

3、nfidence in the region is still low by historical standards.Meanwhile,there was a sharp fall in confidence in Asia Pacific,erasing the gains made in Q1 2025.The deterioration in the backdrop for global trade,amid major changes in U.S.trade policy,was likely the key factor weighing on sentiment.At th

4、e time of the survey,many countries in the region faced the threat of large additional increases in U.S.import tariffs once the 90-day tariff pauses ended on 9 July.Global cost pressures eased according to accountants,although there are divergent regional pressures.The proportion of North American r

5、espondents reporting increased operating costs eased slightly,although remaining on the high side historically after the large increase in Q1 which likely reflected the rise in import tariffs,increasing the risk that firms may attempt to raise prices over coming months.Except for Western Europe,cost

6、 pressures dont look concerning in the other regions(see Chart 5).For the first time,geopolitics topped accountants global risk priorities in Q2:economic fears tied with regulatory and compliance risks as the second highest risk priority(see Chart 18).Talent scarcity and cybersecurity remain critica