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With a backdrop of weak growth, low oil prices and general lack of inflationary pressures, the ECB's battle against deflation will continue well into 2015.
Against a backdrop of weak consumer confidence going into Christmas, retailers have taken a more Scrooge-like approach this year with total spending on TV advertising expected to decline by £44m to £1.43bn, according to Advertising Association/Warc figures.
"Against the backdrop of weak commodity prices there are concerns, not only about the Brazilian mine disaster, but also concerns that their dividend policy is not sustainable," McCarthy said.
The general lack of imported inflation pressures against the backdrop of weak global demand and commodity prices is expected to encourage the Federal Reserve to maintain its monthly bond purchasing program into early next year as it tries to revive the economy.
Kaushik Basu, the World Bank's chief economist, said: "Against this backdrop of weak growth, pronounced risks, and limited policy space, policymakers in emerging and developing economies should put a premium on enacting reforms, which, even if they seem difficult in the short run, foster stronger growth in the medium and the long run.
Indeed, there is an especially pernicious, albeit remote, scenario in which inflation turns negative against a backdrop of weak aggregate demand, engendering a corrosive deflationary spiral".
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The chancellor, Philip Hammond, is delivering one of the most difficult budgets in recent times, set against a backdrop of weaker growth, Brexit uncertainty and falling living standards.
Against a backdrop of weaker global growth, the chancellor said a surplus was necessary to ensure that Britain was ready for any storms that might lie ahead.
Young people have flocked to internships, especially against the backdrop of a weak job market.
SIXTEEN years ago an American presidential election was fought against the backdrop of a weak economy and a grumpy electorate.
The pound could face sustained pressure on the foreign exchange markets, experts warned on Wednesday, as David Cameron pledged to hold a referendum on Britain's membership of the EU against the backdrop of a weak UK economy.
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