Slow growth overseas is good news for the United States, Robert Doll, chief equity strategist at Nuveen Asset Management, told CNBC on Monday.
Lower interest rates and commodity prices that come with weaker economic growth abroad will more than offset declining export revenue, Doll said in a "Squawk Box" interview.
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While the falling cost of crude oil will be a net benefit for the U.S. economy, the rapidity of the decline could cause a disruption in financial markets, he said.
"Does it cause a financial problem? Does it cause a credit problem? We don't know the answer to that, but it happens so fast, I can't believe we're going to get through that without some bumps along the way," he said.
Investors should prepare for more volatility, but Doll expects the upside to win in 2015. During a period when central banks added liquidity to the market, traders have forgotten that the market is typically volatile, he said.
"There's nothing like liquidity to keep things moving to the upside. Slowly but surely, starting with the Fed and the U.K., we're removing that liquidity, and that's just going to create a normal set of volatility," he said.
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The Federal Reserve is likely to raise interest rates in the middle of next year, he said. The U.S. economy is on pace to grow 3 percent this year, and that is not consistent with zero percent interest rates, he added.
Doll also sees wage inflation picking up next year, adding further pressure on the Fed to raise rates.