Although some economists and analysts remain concerned about household debt levels in Canada, a new report from Fitch Ratings Inc. suggests that growth of credit was relatively weak globally in 2014.

The report from Fitch, a New York-based credit-rating agency, states that global real lending growth picked up slightly in 2014, helped by the first increase in the developed world since 2010. However, overall growth was still weak, stuck in a 4%-5% range.

In fact, the Fitch report notes that the increase in global real credit growth in 2014 remains well below the double-digit rates that were seen in the run-up to the global financial crisis. In the developed world, credit grew for the first time in four years last year — albeit at a modest 1.5% pace, the report says.

The strongest growth in real lending in 2014 was in the Middle East and Africa, which became the fastest growing region last year, the Fitch report states. Credit growth remained robust in Latin America, but continued to slow; and credit growth slowed sharply in emerging Asia to its slowest pace since the global financial crisis.

The Fitch report forecasts a slight easing in overall real credit growth in 2015, to 4%, which would be broadly in line with the average since 2011. It projects that growth will continue to strengthen in developed countries and emerging Europe — and that it will pick up in Asia as well. However, this will be offset by further slowdowns in Latin America and in the Middle East and Africa, although it will still remain the fastest growing region.

Given these growth trends, the report says that Fitch’s macroprudential risk indicators continue to trend lower, with the highest risks confined largely to emerging markets.