Three macro themes to shape the world in 2015

I SEE three main themes that will likely shape the global macro landscape in 2015: disinflationary growth, monetary policy divergence and growing emerging market (EM) differentiation.

The effects of a disinflationary shock from lower commodity prices seen in 2014 should lend support to global growth in 2015.

Lower inflation will boost global consumption and allow many central banks to keep policy loose.