So how went the seventh year of militant Islam's war on globalization? Not so well, according to this economic analysis by Action Economics:
The global economy blasted through the 2006 U.S. housing downturn and 2007 market turmoil in high gear. World GDP in 2007 likely matched the 5.4% record growth of 2006, while a 4.0% 2007 global CPI gain will mark the largest since 2001. While advanced economies slow, we expect a solid 5.1% 2008 global GDP gain with a 4% CPI increase and a 2.5% advanced-economy CPI gain that will be the largest since 1996.
The jumbo gains in world GDP in 2006 and 2007 follow 4.8% growth in 2005 and 5.3% in 2004. This is, by far, the biggest four-year stretch of GDP gains since our dataset began in 1984 and quite possibly in the history of the global economy. The four-year global growth surge is being fueled by low short- and long- term yields and a rapid shift in the world's distribution of wealth to Pacific Basin and Middle East economies—which have both lofty savings rates and aggressive global investment strategies.