The Association of Chartered Certified Accountants and the Institute of Management Accountants released a report Wednesday on some of the major long-term issues affecting the world economy.

The Global Economic Themes Report discusses various aspects of the world economy, including Europe, China, America, and the U.S. vs. China trade war. In the U.S., the report examines the decline in the unemployment rate and wage growth, alongside the increasing levels of the national debt and deficit, and whether the trade war with China could trigger a global recession.

“Through much of last year, U.S.-China trade tensions increased, which undermined business confidence and investment as well as contributing to a sharp slowdown in global trade,” said ACCA chief economist Michael Taylor in a statement. “A recent improvement in trade relations resulted in a ‘Phase One’ trade deal which included a modest reduction in some tariffs.”

For Europe, the report looks at the state of the euro after 20 years. For China, the report discusses the increasing levels of debt and the decline in the working-age population.

The report reflects some of the research done for the ACCA and IMA quarterly Global Economic Conditions Survey, a survey of accountants that found global economic confidence rebounding in the fourth quarter of last year (see our article).

“We saw confidence in the U.S. tread low throughout the year before an uptick in Q4,” said IMA vice president of research and policy Raef Lawson in a statement. The economy continues to expand, and fears of a recession have quelled with continued consumer spending and rising wages. With 2020 being a U.S. presidential election year, confidence should continue to move upward.”