Mark Zandi, chief economist at Moody's Analytics, sees good things ahead for the U.S. economy, as both the United States and Europe take steps to lessen their debt burdens.

“The economy has made a lot of progress. We have righted a lot of the wrongs that got us into this mess,” he tells Yahoo.

“If we’re able to nail down a few issues like Europe and [U.S.] fiscal issues, by this time next year, I think we’ll be off and running.”

Editor's Note: 'It’s Curtains for the US' — Hear Unapologetic Warning from Prophetic Economist. 

The economy grew 1.5 percent in the second quarter.

In the United States, the key is addressing the “fiscal cliff” and the expiration of the Treasury debt ceiling early next year, Zandi says. The fiscal cliff refers to huge tax increases and spending cuts that will begin Jan. 1 if Congress doesn’t act.

Regardless of who is elected president, Zandi is optimistic that solutions will be found for those issues. "Odds are good they will come up with a plan … .”

Europe already has shown signs of emerging from its financial crisis, with the eurozone intact, he says. “With each bout of financial turmoil, they’re making progress.”

Not all experts share Zandi’s outlook. Marc Faber, publisher of The Gloom, Boom & Doom Report thinks the entire world is headed for recession.

As for the United States, “The economy has decelerated, and I don’t see much growth in the U.S. in the next six to nine or 12 months,” he told CNBC.

Editor's Note: 'It’s Curtains for the US' — Hear Unapologetic Warning from Prophetic Economist.