Transatlantická propast růstu

BRUSEL – Globální finanční krize, která naplno vypukla v roce 2008, zasáhla Evropu a Spojené státy velmi podobně – přinejmenším zpočátku. Na obou stranách Atlantiku se ekonomická výkonnost v roce 2009 propadla a v roce 2010 se začala zotavovat.

Jakmile však finanční krize zmutovala v krizi eura, rozevřela se mezi USA a eurozónou hospodářská propast. Během posledních tří let (2011-2013) vzrostla americká ekonomika zhruba o šest procentních bodů více. I když zohledníme prohlubující se demografický diferenciál, který dnes činí asi půl procentního bodu ročně, zaznamenala americká ekonomika během zmíněných tří let přibližně o 4,5 procentního bodu vyšší růst na obyvatele.

Hlavním důvodem této propasti je rozdíl v soukromé spotřebě, která v USA rostla, zatímco v eurozóně klesala, zejména na jejím okraji. Seškrtání veřejné spotřeby přitom v USA srazilo poptávku výrazněji (o 0,8 procentního bodu) než v Evropské unii (0,1 procentního bodu). Vzhledem ke všem řečem o úsporných opatřeních nařízených Bruselem se to může jevit jako poněkud překvapivé.

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