Next year should shine brighter for the economies of the West than emerging markets, says Dan Franklin, editor of The Economist magazine's "The World in 2014" issue.

"It will be a year of economic shifts," he told Yahoo. "A lot of the good economic news in the next year is going to come from the West. The emerging world will struggle a little bit compared to how it has done in recent years."

Growth already has slowed in major emerging markets such as Brazil, Russia, India and China.

Editor’s Note: Obama’s Budget Takes Aim at Retired Americans

In China, the economy grew 7.8 percent in the third quarter, and it is expected to continue to grow fast. "But there's going to be more interest around the world in the rich world economies than there has been in recent years," Franklin noted.

In 2014, "the American economy may contribute more to global growth than the Chinese economy for only the second time in eight years," he explained. "The big emerging markets will look less dynamic than they used to."

The United States benefits from rising home prices, banks that are eager to lend again and an end to job cuts made by state and local governments, he added.

Franklin and his colleagues even see signs of progress in Washington. They expect Republicans and Democrats in Congress to reach a budget agreement on short- and long-term issues.

Third-quarter U.S. economic growth was revised up to 3.6 percent last week, but much of the revision came in inventories.

"When you look at the relative optimism you've seen in the business surveys, the most logical explanation for the inventory build is a more positive outlook," Lewis Alexander, chief economist at Nomura Holdings, told Bloomberg.

"[But] the big missing ingredient is businesses being sufficiently confident to actually boost hiring and do capital spending."

Editor’s Note: Obama’s Budget Takes Aim at Retired Americans

Related Stories:

• History Argues Against Further Sharp Gains for Stocks Next Year
• Goldman Sachs Strategists Tout Stocks in 2014 on Better Growth