Optimism about the global business outlook grew among financial professionals in the second quarter of 2013, the Global Economics Survey (GECS) reveals. The survey, conducted jointly by the Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants, found that 47% of all respondents believe that the global economy is on course for recovery, compared with 43% in the first quarter of the year.

Increased access to capital investments was one of the most cited factors influencing a more positive outlook on the global economy. Greater capital liquidity is directly linked to the fact that central banks in a number of countries lowered interest rates in the quarter. Access to capital increased across the globe, with Africa, central and eastern Europe, the Middle East and the Caribbean recording the sharpest growth compared to the first quarter of the year. Improved liquidity led respondents to be more positive about their income levels, compared to in the first quarter of 2013.

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Among the most optimistic respondents were those based in the US, with 40% of respondents in the country stating that the global economic situation is improving. A similar proportion of respondents in south Asia were positive about the economic recovery, while 37% in the Middle East shared this sentiment. The factors behind the growing confidence in these regions included higher demand and improved cash-flow positions in the US.

Despite respondents being more positive about the current situation, ACCA's Emmanouil Schizas, who edited the survey, said that monetary policy easing might not be enough to sustain optimism in the business community.

“This quarter's findings clearly demonstrate how strongly the interplay between fiscal and monetary policy at the global level can influence business conditions on the ground. In the second quarter of 2013, monetary stimulus triggered a significant rise in business confidence almost across the range of markets... At the same time, and in the longer term, fiscal policy is pulling in the opposite direction,” Mr Schizas said in a note released after the survey's findings were published.