The United Kingdom’s economy is expected to grow by approximately 3% in 2014, making it one of the fastest-growing economies in not only Europe but also the world.

According to economic analysts, the UK will retain its glory as the fastest-growing major economic player in Europe; in fact, at the rate of its current economic growth, the UK could very well become the fastest-growing G7 country.

This growth is expected to put the UK right up there with the United States as the strongest economy globally.

The Japanese and American economies are also projected to grow in the next year, thanks to improving consumer confidence; this will lead to higher business investment among such advanced economies.

“It’s been quite a long, slow recovery from the crisis, and for the first time in what feels like an awfully long time – about five years or so – low-growth advanced economies are really starting to pick up, and that it is increasingly self-sustaining,” explains PwC economist Richard Boxshall.

He goes on to say: “It’s coming through private sector growth, rather than relying too much on government fiscal support”.

Economists also expect to see inflation remain above the target of 2.3% in the next year.

Overall, recent data shows that the UK economy is expected to have grown by about 1.9% in 2013, which is an increase yet again. This boost is directly related to consumer spending, which has led the Office for National Statistics to revise its economic growth projections for three of the last four quarters.