A construction site of high-rise buildings is seen in the middle of the city in Shenyang, Liaoning province
A construction site of high-rise buildings is seen in the middle of the city in Shenyang, Liaoning province October 16, 2014. China's economic growth slowed in the third quarter to its weakest since the 2008/09 global financial crisis as a slumping property market dragged on manufacturing and investment, adding to concerns about flagging global growth. Picture taken October 16, 2014. Reuters/Stringer

The global GDP rate estimate may be increased for the first time since the severe recession in 2007. There are however some concerns about the economies of Russia and Japan. One country that is reportedly witnessing strong positive sentiments is the U.S.

According to a report by Bloomberg, the drop in oil prices in 2014 is expected to boost spending both by the consumers and companies. According to the report, oil consuming countries have a "higher propensity" to spend their disposable income, compared to the oil producing countries.

Another aspect that is expected to boost the global GDP growth is the further easing of monetary policy by central banks like the Bank of Japan and the European Central bank. The report also expects that the Federal Reserve Bank of the U.S. will not increase interest rates before the midterm elections.

The U.S. economy will reportedly witness the fastest growth it has seen in a decade. The report cites the optimistic outlook of the job market in the country along with the benefits of lower transportation costs as some of the reasons for the rapid growth.

A report by Reuters suggests that the consumer sentiment in the U.S. has seen a significant increase in the month of Dec 2014. According to the report, consumer sentiment in the U.S. has not seen such strong numbers since Jan 2007.

According to the report, prepared by Thomson Reuters and University of Michigan, the growth in jobs as well as wages has been widespread across all regions of the U.S. The report also expects the rate of inflation to remain the same as in Nov 2014. The expected rate of inflation is 2.8 percent, which is reportedly down from 3 percent from last year.

There are however concerns about Russia entering into a recession on account of falling oil prices and economic sanctions imposed on the country. There are also reported concerns about Europe and Japan heading towards deflation. Countries from the Europe region that were once a major focus of discussions such as Ireland, Greece, Spain and Portugal are said to be witnessing strong GDP growth.

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