2017 will be a good year economically, but some of President-elect Donald Trump's policies could hurt U.S. on a global stage as well as on a smaller scale for globalized, cosmopolitan cities such as Austin, economist Joseph Quinlan said today at the Greater Austin Chamber of Commerce's Economic Outlook event. Quinlan, the managing director and chief marketing strategist at U.S. Trust, Bank of America Private Wealth Management, said the election of Trump could bring positive change to the economy, such as breaking the legislative gridlock in Washington, spending on infrastructure throughout the country and corporate tax reform. However, the President-elect's anti-trade policies, potential move toward de-globalization and push to close borders could have detrimental effects on the nation's long-term economic health, he said. "That's kind of the good, the bad and the ugly," Quinlan said. "You shake it all up, you put it in a pot, you stir it—2017's going to be a good year." Quinlan said the economy has been in slow-growth mode, but a good retail season and declining unemployment will help the U.S. economy ramp up next year. Here are three takeaways from Quinlan's address:

Speaker Joseph Quinlan: Capital investment will be a huge driver for 2017. #ATXOutlook

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1. Capital investment will drive growth in 2017.

Quinlan's outlook was positive for venture capital in the United States. Austin, with its growing tech sector, has been playing an increasingly important role in capital investment. He said momentum has especially been building in the past two years.

Quinlan: "the US economy depends on immigrants to drive growth." #ATXOutlook

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2. Trump's immigration policies could hurt Austin.

Quinlan said immigrants make up 30 percent of the U.S. workforce. He said cities such as Austin depend on immigrants to drive growth. "We are a young country, and we need people to pick apples and to work at Apple," he said. "We need to pull in non-U.S. citizens."

Quinlan: We see these huge health care expenditures in China and across the emerging market. #ATXOutlook pic.twitter.com/wpnN84KyQN

3. U.S. businesses can benefit from consumer spending in emerging markets.

Quinlan said innovative technology produced in the country presents an opportunity to sell to consumers in emerging world economies, such as India and China. Health care technology was specifically mentioned as a sector in which Austin companies and institutions could play a global role. He said that health issues such as obesity, Alzheimer's and other issues are affecting a Chinese populace, which is underserved in terms of health care infrastructure. "That is a huge opportunity for companies sitting in this room," Quinlan said.