Frágiles y desequilibrados en 2012

NUEVA YORK - Las perspectivas para la economía mundial en 2012 están claras, pero no son auspiciosas: recesión en Europa, crecimiento anémico en el mejor de los casos en Estados Unidos, y una abrupta desaceleración en China y en la mayoría de las economías emergentes. Las economías asiáticas están expuestas a China. América Latina está expuesta a menores precios de materias primas (a medida que China y las economías avanzadas se desaceleran). Europa central y oriental están expuestas a la eurozona. Y las turbulencias en el Medio Oriente están causando graves riesgos económicos -tanto allí como en otras partes- a medida que sigue alto el riesgo geopolítico y, por tanto, los precios del petróleo limiten el crecimiento global.

En este punto, no hay duda de que habrá recesión en la eurozona. Si bien no es posible predecir su profundidad y duración, la constante contracción del crédito, los problemas de deuda soberana, la falta de competitividad y la austeridad fiscal implican todas una grave contracción económica.

EE.UU. -que crece a paso de tortuga desde 2010- se enfrenta a considerables riesgos a la baja debido a la crisis de la eurozona. También debe lidiar con un lastre fiscal significativo, el desapalancamiento en curso en el sector de los hogares (en medio de débil creación de empleos, ingresos estancados y la persistente presión a la baja sobre los bienes raíces y la riqueza financiera), el aumento de la desigualdad y el estancamiento político.

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