Following growth of 3.4 per cent in 2014, the world economy will grow by 3.3 per cent in 2015 and 3.6 per cent in 2016.

Growth was weaker than expected in late 2014 and inflation has fallen further below target in almost all developed countries;

But a sustained lower oil price, if it does not exacerbate the threat of deflation, should provide a significant boost to growth in countries that are net oil importers and for the global economy.