The Dallas Federal Reserve reports:  In 2014, global real gross domestic product (GDP) grew 3 percent year over year, its lowest value since 2009. Growth in emerging markets was sluggish at 4.3 percent, the slowest pace since 2003 (excluding 2009), led by poor growth in Russia and Brazil. Advanced foreign economies also expanded modestly at 1.8 percent. Still, the global economy grew more quickly in fourth quarter 2014 than for the year as a whole at a 3.4 percent annualized rate, reflecting positive growth in the euro area and Japan. Forward-looking indicators such as the Purchasing Managers Index, which tracks the health of the manufacturing sector, ticked up in February for advanced foreign economies, suggesting a possible pickup.

Exceptionally low oil prices have contributed to lower inflation globally. Inflation in advanced foreign economies fell from 2 to 1 percent between June and December 2014. In 2015, accommodative monetary policy and low oil prices may provide a much-needed boost to global growth.  Monetary Policy and Global Growth

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