New Delhi, Oct 30 (IANS): Healthy demand has restored India Inc's business confidence in Q3 of 2021, according to the Global Economic Conditions Survey (GECS) report.

This is the largest regular economic survey of accountants and finance professionals around the world jointly carried out quarterly by the Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants (IMA).

According to the survey report, outlook for the South Asian region has risen mainly due to better prospects in India.

In contrast, the global confidence fell by nine points in Q3, with the largest fall in North America followed by Western Europe.

However, both the regions showed "relatively" high levels of confidence, as is the case globally.

Furthermore, the survey cited that global economic growth connected to pandemic recovery weakened in Q3, 2021.

It found that when looking at new orders, there was a split between advanced regions and emerging markets.

"There were falls in orders affecting North America and Western Europe contrasted with modest improvements in emerging markets," the report said.

"However, the wider economic prospects in developed economies remain brighter than in emerging markets, where low vaccination rates continue to drag on economic recovery."

Apart from Africa, the survey pointed out that all major regions reported order levels above their pre-pandemic level, indicating a continued global recovery.

"Another positive indication from the survey are the two 'fear indices' which measure concern that customers and suppliers may go out of business. Both declined again in Q3 and are now back in line with their long-run average levels after spiking around Q2 2020."

"However, concern about operating costs is now at its highest level since the start of 2019 and increased five points globally in Q3. This is driven by higher transport and commodities costs, leading to higher inflation and weaker growth now."