Weak commodity prices and particularly the decline in oil prices in the last six months of 2014 were widely greeted by analysts and economists as equivalent to a tax cut, from which many concluded that global growth would rebound during the second half of 2015.
There is no shortage of macroeconomic events going on in the world. Just during a two-week period in January, Greece elected an anti-austerity party into power, the European Central Bank announced a new quantitative easing program, the Reserve Bank of India surprised markets with a rate cut, and the Swiss National Bank unexpectedly ended its currency cap.
As we examine the global landscape for 2015, there are certain key issues that I expect to dominate the macroeconomic conversation and to impact markets around the world. Here, I highlight a few of those issues.