January 30, 2007 | posted by Michael Baxter in IABN |

The Global economy is set for another two years of brisk growth, while in the US, Japan, the Eurozone and the UK it will all be much of a muchness, with growth in each of the four areas expected to lie between 3 and 2 percent for 2007 and 2008.

According to the National Institute of Economic and Social Research, the world economy will continue to expand vigorously, growing by 5.0 per cent in 2007 and by 4.8 per cent in 2008.

As for the developed world, despite talk of an expected slow down, with some economists predicting recession not so long ago, Uncle Sam is still expected to GDP growth of 2.9 percent this year and 2.5 percent next.

To put this in context, this will be faster than the growth expected in the Eurozone, (2.2 and 2.1 percent,) Japan (2.4 and 2.4 percent) and the UK (2.8 and 2.4 percent).

And since the US president is fond of quoting Churchill, it may be worth putting the US economic performance in Churchillian speak. After all, given the gloomy predictions that did the rounds last year, if the US really does manage growth of 2.8 percent, outgrowing all other major developed economies this year, it really will be a heroic effort.

Mr Churchill may have put it this way: “Last year, economists were saying the US economy will have its neck rung like a chicken. Some economic chicken, some economic neck.”