This will be the year of the CIA. Not the Central Intelligence Agency in Langley, but the combined economies of China, India and America. In a world starved of economic growth, these three countries will lead the way as the rest of the world goes through an important phase of business-cycle-related adjustments. Until recently, it has been the BRIC countries (Brazil, Russia, India and China) that have been the engine for growth. However, Brazil and Russia have struggled alarmingly and have been marginalised on account of internal policy debacles. Both countries are in the unusual predicament of having high interest rates and inflation with no economic growth, despite operating close to full employment. They have both been adversely affected by the recent decline in commodity prices and a meaningful depreciation of their currencies. Russia has been further decimated on account of the US/Europe-led sanctions following its annexation of Crimea. Expecting Europe or Japan to help contribute to growth in 2015 is simply not realistic. The EU region is rapidly deflating and needs significant stimulus from the European Central Bank to get the union growing again. Japan is in recession and the combination of Bank of Japan stimulus and Shinzo Abe's reforms will take some time before its impact is truly felt. This leaves the CIA countries to carry the global growth torch forward. On a purchasing-power-parity basis, the CIA bloc today accounts for 40 per cent of global output. The growth rate in gross domestic product tells an even more powerful story. This year, this troika is expected to deliver 65 per cent of the increase in PPP-adjusted global GDP. This is a stunning statistic by all counts. For this group to provide sustained global growth leadership, they need to have sensible public policy augmenting their economic goals. Leading the pack will be the US. The strategic decision it made to seek energy independence from the rest of the world propelled a shale boom in America that has been instrumental in crushing oil prices down to US$48 a barrel. This 60 per cent decline in crude prices from their 2014 highs will serve as the foundation upon which global growth can be built this year. Oil is a critical input cost for many industries and this sharp fall in prices will serve as a huge dividend for countries, consumers and corporations alike. It is Brazil, Saudi Arabia, Venezuela and Russia that have clearly lost out on account of falling crude prices. This precipitous decline has ensured a wealth transfer of about US$2 trillion from the energy producers to consumers that will significantly help the CIA and the rest of the world. It will help anchor low global inflationary expectations, which will in turn give central banks around the world greater room to pursue non-traditional policies aimed at restoring growth. US corporations, having restructured their balance sheets over the past five years, are now in the best position to compete globally. The slack in the US economy after the recession has tempered wage growth and this will continue to skew factor returns significantly in favour of capital. The ensuing growth in the US has improved tax collections and narrowed the US budget deficit sizeably in the past 18 months. With Republicans now controlling both houses in Congress, the regulatory and tax environment in 2015 will continue to ease and this should favour businesses and households alike. The biggest winner will be China. China is expected to embark on the next round of the growth cycle with another US$1 trillion in infrastructure spending over the next two years. The strength of the dollar (de facto the yuan) will keep inflation low. The central bank is cracking down on shadow banking activities and the Chinese understand the importance of restructuring their financial institutions when the going is good. The amount of non-performing loans as a percentage of total bank loans in China, currently reported at 1.3 per cent, is understated and needs restructuring. I think 2015 will be the year when the People's Bank of China will begin in earnest to clean up the balance sheets of its many defunct financial institutions. China's contribution this year to the growth in world nominal GDP may be higher than the US' for the first time in modern history. China's foreign exchange reserves have reached US$4 trillion and represent a substantial war chest that will give the Chinese tremendous flexibility to go on an acquisition binge for interesting and cheap assets around the world, especially in emerging markets which have been adversely affected by the dollar's strength. Strategic acquisitions of mining and energy assets at bargain prices will strengthen China's natural resource position and give it greater ability to influence politics and economics around the world. India enters 2015 with a tamer inflation picture. This gives the government led by Narendra Modi another chance to be aggressive with market reforms, during the budget announcement next month. The Reserve Bank of India's off-meeting decision to cut rates will help take real GDP growth back up to 6 per cent. The recent collapse in oil prices provides the perfect backdrop to implement a bold set of energy initiatives for 2015, including eliminating subsidies. India should seize the opportunity to build up a strategic petroleum reserve similar to China's. As global growth improves, oil prices will climb higher. Using foreign exchange reserves to buy oil at US$48 a barrel today is an eminently sensible policy position to take. The eventual rise in energy prices - whether it happens 12 or 24 months from now - will rekindle inflation and put pressure on India's terms of trade. Therefore, it is vital to act now to lock in some disinflation before prices go higher when the Opec countries start cutting back on production. India should secure a year's worth of current oil demand, which would cost the taxpayer today less than US$50 per capita. Despite Europe's monetary stimulus expected to take effect this month, it's the CIA complex that is ideally placed to take global growth higher in 2015. With inflation decelerating rapidly, their respective central banks have the time and flexibility to use interest-rate policies wisely. The decline in energy prices will act like a tax cut for consumers and help all three nations with their respective terms of trade. This economic bloc will be the best place to continue to invest capital and will present the best set of risk-reward opportunities for investors across the world. The torque to economic growth will be that much higher if the US, China and India make a few sensible adjustments to their policy mix along the way. Guru Ramakrishnan is the chief executive officer of Meru Capital Group and a former managing director of Morgan Stanley & Co