Economic confidence in the Middle East has remained strong despite global headwinds, as new orders posted a double-digit growth, according to the latest Global Economic Conditions Survey (GECS).

As of the fourth quarter of 2024, confidence among chief financial officers and accountants in the region fell, reflecting global trends, but it ranked among the highest in the world, second only to South Asia.

The region outperformed key markets like Western Europe and North America, the research, conducted by the Association of Chartered Certified Accountants (ACCA) among 1,800 respondents, showed.

The study, which also tracks indicators linked to the economy, noted that the region recorded a 10% growth in new orders and is forecast to post a stronger growth this year compared to 2024, thanks to a robust non-oil sector in key countries like the UAE and Saudi Arabia, as well as easing Federal Reserve rates.

“The Middle East demonstrates resilience despite global headwinds, thanks to strong policy frameworks and strategic diversification,” said Kush Ahuja, Head of ACCA, Middle East and Eurasia.

“While risks remain, the region’s economic outlook for 2025 remains robust, driven by forward-looking investments and reforms.”

Overall, global confidence at the end of 2024 fell markedly to its lowest since the second quarter of 2020. The Employment Index also posted a sharp decline.

(Writing by Cleofe Maceda; editing by Seban Scaria)