Here’s a fairly safe bet for uncertain times: the U.S. economy will once again show the euro zone and Japan a clean pair of heels next year. Forecasts for 2013 that are now landing thick and fast show Federal Reserve Chairman Ben Bernanke is not alone in believing it could be a very good year for America if politicians can avoid tumbling off the so-called fiscal cliff. Updated gross domestic product figures due on Thursday are likely to show the U.S. economy was already doing quite a bit better than first thought last quarter. According to 60 economists polled by Reuters, the initial estimate of 2.0 percent growth at an annualised rate is likely to be revised up to 2.8 percent. That pace will flag. Even assuming a political compromise to dodge the fiscal cliff’s full $600 billion in government spending cuts and expiring tax breaks, the budget stance is likely to tighten markedly in early 2013, crimping growth.
