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Overall, the impact of lower oil prices is already dwindling, Moody's added.
But it tumbled not because investors fret about the impact of lower commodity prices.
"Consumers are starting to feel the impact of lower energy prices, which is good news," said Richard Berner, chief United States economist at Morgan Stanley.
With the cost of living a key battleground in the run-up to May's election, Osborne seized on the impact of lower inflation on families' finances.
"However, with investment income accounting for the majority of group earnings, we think the expected impact of lower reinvestment yields will become increasingly material".
"Despite the favourable impact of lower oil prices, the external position remains precarious and the country is in debt distress," the IMF said.
Given the enormous amount of uncertainties involved, any estimate of the over-all impact of lower oil prices on global G.D.P. is only guesswork.
Economists had expected that American consumers would offset the impact of lower investment by spending lots more.
But he attributed most of the decline to the agency's advertising cycle, which peaks in the summer, rather than the impact of lower prices.
"Emerging Asian countries will feel the impact of lower demand in the industrial countries, adding to the already ailing high-tech sector and weakness in Japanese demand.
But until now, the impact of lower equity wealth in Britain has largely been offset by rising housing wealth.
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