Si consigue salir adelante, el programa de desregulaci\u00f3n y reforma fiscal propuesto por el presidente Donald Trump podr\u00eda colocar al crecimiento de la econom\u00eda estadounidense en su nivel m\u00e1s alto de los \u00faltimos a\u00f1os, lo que acelerar\u00eda el incipiente proceso de expansi\u00f3n econ\u00f3mica y favorecer\u00eda a los sectores c\u00edclicos, que llevan un tiempo sin gozar del favor de los inversores.<\/p>\n
Si el est\u00edmulo fiscal, la reforma tributaria y la flexibilizaci\u00f3n de la normativa llegan a materializarse, el crecimiento econ\u00f3mico podr\u00eda acelerarse a un nivel superior al de los \u00faltimos veinte a\u00f1os. Dicha aceleraci\u00f3n beneficiar\u00eda a todos los sectores, y los c\u00edclicos continuar\u00edan registrando buenos resultados.<\/p>\n
Entre los a\u00f1os 1996 y 2000, la tasa media de crecimiento del PIB nominal en Estados Unidos se situ\u00f3 por encima del 6%; y aunque cay\u00f3 a principios de la d\u00e9cada de 2000, volvi\u00f3 a superar el 6% entre los a\u00f1os 2003 y 2005, llegando a alcanzar el 7,1%. Sin embargo, desde la recesi\u00f3n del a\u00f1o 2008, las tasas de crecimiento se han reducido y la econom\u00eda ha crecido a un ritmo m\u00e1s lento que durante la \u00e9poca de Clinton o Bush. Las previsiones hablan de un crecimiento anual del 1,6% en 2016.<\/p>\n
No obstante, a pesar del potencial de aumento del crecimiento del PIB durante la presidencia de Trump, ser\u00eda prematuro favorecer a los sectores c\u00edclico; antes de realizar cambios importantes, debemos ganar confianza en las perspectivas de mejora del crecimiento. Por ejemplo, desde Legg Mason, disponemos del fondo Legg Mason Clearbridge US Large Cap Growth que ofrece una exposici\u00f3n diversificada y equilibrada al crecimiento en Estados Unidos.<\/p>\n
En lugar de decantarse por empresas c\u00edclicas, este fondo muestra especial preferencia por empresas que pueden hacer crecer sus ingresos independientemente del entorno econ\u00f3mico. Entre las principales posiciones se encuentran Alphabet, empresa matriz de Google, el gigante del comercio electr\u00f3nico Amazon, y Microsoft.<\/p>\n
Los dos primeros a\u00f1os del gobierno de Trump nos dir\u00e1n si el nuevo presidente puede y quiere realizar grandes cambios y cumplir sus promesas y proyectos.<\/p>\n
Pero la materializaci\u00f3n de las pol\u00edticas de Trump podr\u00eda dificultar enormemente las condiciones a las que se enfrentan numerosos sectores, ya que esta evoluci\u00f3n pol\u00edtica tendr\u00eda sus consecuencias: es posible que se produjera una subida importante de los tipos de inter\u00e9s, ya que la Reserva Federal podr\u00eda verse obligada a responder al aumento del crecimiento y de la inflaci\u00f3n.<\/p>\n
Y aunque pensamos que el mercado puede absorber la mayor parte de esta presi\u00f3n de tipos, los sectores orientados a la generaci\u00f3n de ingresos, como el sector de suministros p\u00fablicos y el inmobiliario, podr\u00edan resultar m\u00e1s susceptibles a las p\u00e9rdidas como consecuencia de una serie de subidas de tipos m\u00e1s r\u00e1pida de lo previsto.<\/p>\n
Peter Bourbeau, Director General<\/strong> <\/p>\n Si consigue salir adelante, el programa de desregulaci\u00f3n y reforma fiscal propuesto por el presidente Donald Trump podr\u00eda colocar al crecimiento de la econom\u00eda estadounidense en su nivel m\u00e1s alto de los \u00faltimos a\u00f1os, lo que acelerar\u00eda el incipiente proceso de expansi\u00f3n econ\u00f3mica y favorecer\u00eda a los sectores c\u00edclicos, que llevan un tiempo sin gozar […]<\/p>\n","protected":false},"author":4,"featured_media":23700,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9721],"tags":[186,1202,1581,2206,2510,2954,3084,3453,3813,4256,4488,4856,5550,5761,6081,6734],"class_list":["post-24860","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-morning-meeting","tag-amazon","tag-clinton-o-bush","tag-crecimiento-pib","tag-eeuu","tag-estimulo-fiscal","tag-ganar-confianza","tag-google","tag-inflacion","tag-legg-mason","tag-microsoft","tag-normativa","tag-pib","tag-reforma-tributaria","tag-reserva-federal","tag-sectores-ciclicos","tag-trump"],"acf":[],"yoast_head":"\n
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