G7 finance ministers to address faltering global growth

"The poor Q1 2015 performance follows growth of just 2.2 percent in Q4 2014, so there has been very little growth over the last couple of quarters," said Joseph LaVorgna, chief U.S. economist at Deutsche Bank.

World Bank forecasts 2.2% global growth this year

Developing country GDP is now projected to be around 5.1 percent in 2013, strengthening to 5.6 percent and 5. 7 percent in 2014 and 2015, respectively.