La brecha del crecimiento entre ambos lados del Atlántico

BRUSELAS – La crisis financiera mundial que estalló con toda su fuerza en el año 2008 afectó a Europa y Estados Unidos de una manera muy similar –  al menos al principio. A ambos lados del Atlántico, el desempeño económico se estancó en el año 2009 y comenzó a recuperarse el 2010.

Pero, a medida que la crisis financiera mutó convirtiéndose en la crisis del euro, se abrió un abismo económico entre EE.UU. y la eurozona. Durante los últimos tres años (2011-2013), la economía de EE.UU. creció en aproximadamente seis puntos porcentuales más. Incluso teniendo en cuenta el diferencial demográfico que es cada vez mayor, mismo que en la actualidad asciende a alrededor de la mitad de un punto porcentual por año, la economía de EE.UU. ha crecido  en cerca de 4,5 puntos porcentuales más en estos tres años sobre una base per cápita.

La razón principal de la brecha es la diferencia en el consumo privado,  que creció en EE.UU., pero cayó en la eurozona, especialmente en su periferia. Un atrincheramiento del consumo público en realidad resta más demanda en EE.UU. (0,8 puntos porcentuales) que en la Unión Europea (0,1 puntos). Esto podría parecer un tanto sorprendente a la luz de todo lo que se habla sobre la austeridad impuesta por Bruselas.

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