Council of Economic Advisers Kevin Hassett said he is willing to bet, based on the economy and indicators, that there will not be a recession any time soon, even though the markets have fluctuated a great deal this year.

"The U.S. economy is booming," Hassett told Fox News' "America's Newsroom." "We got data on Friday that jacked up our growth estimate for the fourth quarter all the way above 3 percent. We're rocketing along at 3 percent growth, and the markets haven't reflected the good news."

Meanwhile, Hassett said that he would "take that bet" that there is not a recession coming in the next year.

"The economic data is really strong," he said. "We have enough data so we're highly confident this quarter is around 3 percent and [here will be] a massive amount of momentum in the next year. The growing incomes will feed through to consumption and spending on cars and capital formation for the firms to make more cars."

Further, one of the best indicators is from the Federal Reserve Bank of St. Louis, said Hassett, noting that the latest read is "the probability of recession over the next 12 months is zero."

However, the Chinese economy is in "deep trouble," and the European economy is "really close to recession," and there are also uncertainties in Asia, and as U.S. multinational corporations make half their profits outside the United States, that is behind the fluctuations, said Hassett.

The biggest risk to growth is the turmoil in the Chinese economy and the stresses in Europe, said Hassett, and "panics do happen."

"When the rest of the world is weak, it is something to be concerned about...we're growing at a very high rate because we fixed a bunch of bad policies," he added. "I think the idea of it spreading here is unlikely which is why I think the estimate that I mentioned of 0 percent probability of recession over the next 12 months is the best bet right now."

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