U.S. economic outlook: the U.S. economy shines on the global stage.

• Author: Barkey, Patrick M.
• Position: Statistical data

During the late 1980s the high-flying Japanese were buying so many American companies and choice pieces of real estate that we wondered if they'd eventually own everything. And when the housing bubble first burst in 2007, the Germans were feeling smug because they were sure their stolid banking system would never permit anything like the meltdown happening here.

But in 2015 those countries and many others will be looking with envy at the American economy. Because as things are shaping up, we may be the only growth game in town. U.S. job growth trends are accelerating, and even if quarterly growth ebbs and flows, it looks like the national economy is moving into a higher gear.

That will mark quite a change--in economic policy as well as economic performance. We can expect to see interest rates finally start moving up while unemployment rates continue to come down. Even if growth isn't perfectly balanced and income inequality tilts the table a bit more than we'd like, a self-reinforcing cycle of income growth and consumer spending is starting to emerge.

Here are the top 10 predictions for the U.S. and global economies, courtesy of forecasting firm IHS.

1. U.S. growth will solidify in the 2.5 percent to 3 percent range, driven notably by steady increases in domestic consumer spending--which accounts for 70 percent of GDP.

2. The Eurozone countries will continue to experience very sluggish growth in the 0.8 percent to 1.2 percent range, with elevated unemployment rates and concern over price deflation. Growth will be supported by lower oil prices as well as a weaker Euro. The big exception is the United Kingdom, which should see growth rates in the same range as U.S. growth.

3. The Japanese economy will push back into the positive growth range after experiencing its fourth recession during the last six years at the end of 2014. Lower oil prices and a continuation of very aggressive central bank policies will help Japan eke out growth despite extraordinarily fragile consumer spending.

4. Chinese growth will continue to cool in 2015, although its growth will still pace most of the developing world, thanks to another round of banking stimulus.

5. The other important emerging economies will have a more mixed performance, with Russia and Brazil likely to see continued declines while others areas such as eastern Europe and Latin America grow faster than last year.

6. Commodity prices will continue to fall due to weak global demand and supply growth.

7. ...