Goldman's complete outlook for markets and the economy in one big slide

Even though the S&P 500 was up 3.6% last week, things aren't looking good for stocks this year.

The S&P return on equity dropped 0.35% to 15.5% in Q1, marking the third straight quarter of decline.

And in a weekly note to clients, Goldman Sachs' chief equity strategist David Kostin had some more not-so-good news, pointing out that following the first week of major quarterly earnings reporting, Wall Street is expecting S&P 500 earnings to decline by 3% year over year.

But despite this, stocks were trading near record highs on Monday.

And so looking out into the future, Kostin provided a slide summarize Goldman's 2015 market forecasts, both for the United States and the world:

Goldman Sachs