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It was the first down year for growth funds, and stock funds more generally, since 1994.
Globally, 2016 is expected to be the slowest year for growth since the financial crisis, at 2.6%, before picking up to 2.9% in 2017 and 2018.
The EY Item Club forecasting group, which uses the Treasury's model, reckons that 2018 is in line to be the worst year for growth in almost a decade.
It was not a great year for growth in the developed world, nor indeed for profits, but stockmarkets still generated healthy returns.The rally was largely the result of two factors.
Britain's manufacturers expect 2015 to be their worst year for growth since 2009 and next year will be little better, according to a survey which highlights the dilemma that the Bank of England faces as it considers whether to raise interest rates.
The forecasters brought a variety of perspectives to the table, but most came to a similar big-picture conclusion: 2014 is not likely to be a blockbuster year for growth, but it is likely to be a sunnier year than 2013.
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Though 2000 has been a difficult year for growth-stock investing, Russell feels that the carnage in dot-coms and selloffs elsewhere will have a positive effect in the long run.
"The last few years have been phenomenal years for growth".
In the 18 earlier crises, the average drop in output growth was two percentage points and it took two years for growth to return to normal.
The worst crises reduce growth by five percentage points from their peak, and it takes more than three years for growth to regain pre-crisis levels.
Dec. 22 -- The Federal Home Loan Bank Board's senior economist said it would take three to five years for growth to resume in New York City.
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