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But plunging commodity prices will hit the economy.
The financial crisis, collapsing stockmarkets and plunging commodity prices have hit companies in rich and poor countries alike.
How resilient those positions are is now being tested, as plunging commodity prices sap export earnings and capital flows dry up.
The recession has been brought on and sustained by plunging commodity prices, rising interest rates, mounting public debt and an overvalued currency that has depressed exports.
In a statement, the chief executive, James W. Owens, said Caterpillar had been "whipsawed" by a rapidly deteriorating global economy and plunging commodity prices.
"We were whipsawed in the fourth quarter as key industries were hit by a rapidly deteriorating global economy and plunging commodity prices," Mr. Owens said.
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Plunging global commodity prices have meant that inflation has been unusually weak in historic terms through much of 2015, and despite November's 0.1% increase, the CPI shows that the price level across the economy stood barely higher than at the end of last year.
He expressed particular worry about the "dampening influence" of plunging global commodity prices, partially driven by slackening demand in China.
The bank said that developing countries, many of which had been growing rapidly in recent years, were being devastated by plunging exports, falling commodity prices, declining foreign investment and vanishing credit.
While stock prices plunged, commodities soared, a sign that buyers either expect rising demand or a sharp decline in the dollar's purchasing power.
That will cushion the world economy but may not save it from recession.Another short-term fillip comes from the recent plunge in commodity prices, particularly oil.
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