The global economy is experiencing a strong period of growth, with predictions for continued expansion until 2008. Despite concerns about inflation and high energy prices, countries like China, India, and Russia are driving economic growth. The United States will see a slowdown in growth in 2007 but is expected to bounce back in 2008. Overall, the world economy is expected to grow above trend, with some impact from the U.S. slowdown. Inflation rates are stable, with consumer prices remaining steady.