Transatlantische Wachstumskluft

BRÜSSEL – Die 2008 mit aller Gewalt ausgebrochene globale Finanzkrise zog Europa und die USA auf sehr ähnliche Weise in Mitleidenschaft – zumindest anfänglich. Auf beiden Seiten des Atlantiks stürzte die Wirtschaft 2009 ab und begann 2010, sich wieder zu erholen.

Doch mit dem Wandel der Finanzkrise zur Eurokrise tat sich zwischen den USA und dem Euroraum eine Kluft auf. In den letzten drei Jahren (2011-2013) wuchs die US-Wirtschaft um etwa sechs Prozentpunkte mehr. Selbst unter Berücksichtigung des wachsenden demografischen Gefälles zwischen beiden, auf das inzwischen etwa ein halber Prozentpunkt pro Jahr entfällt, ist die US-Wirtschaft während dieser drei Jahre auf Pro-Kopf-Basis um rund 4,5 Prozentpunkte stärker gewachsen.

Der Hauptgrund für diese Kluft ist der Unterschied beim privaten Verbrauch, der in den USA zunahm, im Euroraum und insbesondere an dessen Peripherie jedoch zurückging. Dabei verringerte ein Rückgang beim öffentlichen Verbrauch die Nachfrage in den USA tatsächlich stärker (um 0,8 Prozentpunkte) als in der Europäischen Union (0,1 Punkte) – was angesichts all des Geredes über die von Brüssel durchgesetzte Sparpolitik ein wenig überraschen mag.

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