{"id":22318,"date":"2023-04-06T16:01:20","date_gmt":"2023-04-06T14:01:20","guid":{"rendered":"https:\/\/www.accuracy.com\/accuracy-talks-straight-7-economic-point-of-view\/"},"modified":"2025-02-20T16:25:22","modified_gmt":"2025-02-20T15:25:22","slug":"la-precision-parle-franchement-7-point-de-vue-economique","status":"publish","type":"post","link":"https:\/\/www.accuracy.com\/fr\/accuracy-talks-straight-7-economic-point-of-view\/","title":{"rendered":"2023 : une ann\u00e9e \u00e9mergente ?"},"content":{"rendered":"<p><strong>March\u00e9s \u00e9mergents et \u00e9conomies en d\u00e9veloppement<\/strong> (EMDE) <strong>ont d\u00fb faire face \u00e0 une succession de crises au cours des trois derni\u00e8res ann\u00e9es<\/strong>Les \u00e9conomies avanc\u00e9es sont confront\u00e9es \u00e0 de nombreux d\u00e9fis : sanitaire (Covid), g\u00e9opolitique (guerre russo-ukrainienne, tensions en mer de Chine m\u00e9ridionale et mont\u00e9e de la rivalit\u00e9 sino-am\u00e9ricaine), \u00e9conomique (retour de l'inflation) et financier (hausse des taux d'int\u00e9r\u00eat et du dollar dans un contexte d'endettement (essentiellement public) qui incite \u00e0 la vigilance).  Leur croissance, si l'on exclut la Chine, a davantage recul\u00e9 en 2020 que celle des \u00e9conomies avanc\u00e9es, et le rebond ult\u00e9rieur a \u00e9t\u00e9 plus modeste. L'\u00e9cart ne sera pas combl\u00e9 cette ann\u00e9e ni l'ann\u00e9e prochaine.<\/p>\r\n\r\n\r\n\r\n<p class=\"has-text-align-center\"><strong>Monde : les \u00e9conomies les moins d\u00e9velopp\u00e9es souffrent davantage<br \/><\/strong><\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" class=\"wp-image-18555\" src=\"https:\/\/www.accuracy.com\/wp-content\/uploads\/2023\/04\/Figure-1_UK.png-1024x532.jpg\" alt=\"\" \/><\/figure>\r\n\r\n\r\n\r\n<p><strong>L'investissement dans les infrastructures des EMDE semble avoir particuli\u00e8rement souffert de cette dynamique plut\u00f4t d\u00e9favorable.<\/strong> Si nous croyons que la <em>P\u00f4le mondial d'infrastructures<\/em> (novembre 2022), l'investissement dans ce domaine en 2021 a augment\u00e9 de 8,3% dans les pays \u00e0 revenu \u00e9lev\u00e9 et a diminu\u00e9 de 8,8% dans leurs \u00e9quivalents \u00e0 revenu moyen ou faible. En effet, cette ann\u00e9e-l\u00e0, 80% de projets d'infrastructure ont \u00e9t\u00e9 mis en \u0153uvre dans les \u00e9conomies d\u00e9velopp\u00e9es. Comment ne pas en d\u00e9duire que le retour \u00e0 une plus grande confiance dans les perspectives de croissance est un pr\u00e9alable \u00e0 la reprise des investissements en infrastructures dans les EMDE !<\/p>\r\n\r\n\r\n\r\n<p>Une derni\u00e8re chose avant de regarder vers l'avenir : <strong>l'effet multiplicateur de la modification des conditions financi\u00e8res sur le profil de croissance doit \u00eatre mesur\u00e9<\/strong>.<strong> Le resserrement de la politique mon\u00e9taire des principales banques centrales rend le financement des EMDE beaucoup plus difficile<\/strong>. Et ce constat est d'autant plus pertinent que leur notation est faible. Selon les conclusions de la Banque mondiale, les \u00e9missions obligataires de l'ensemble des pays concern\u00e9s ont diminu\u00e9 de 250 milliards de dollars en 2022 (bien plus que lors des crises \u00e9parses des 15 derni\u00e8res ann\u00e9es !), tandis que les \u00e9carts de spreads souverains ont augment\u00e9 de 1740 points de base (17,4%) pour les pays faiblement not\u00e9s et importateurs d'\u00e9nergie.<\/p>\r\n\r\n\r\n\r\n<p><strong>Selon le FMI, la croissance \u00e9conomique des EMDE devrait se stabiliser autour de 4% cette ann\u00e9e et l'ann\u00e9e prochaine.<\/strong> A la loupe, on pourrait discerner une tr\u00e8s l\u00e9g\u00e8re tendance \u00e0 la hausse (respectivement +4,0% et +4,2%, apr\u00e8s +3,9% en 2022). Mais le nuage d'incertitudes, dans une p\u00e9riode aussi complexe pour l'\u00e9conomie mondiale, occulte sans doute l'ampleur de cette acc\u00e9l\u00e9ration. <strong>Bien que la quantification propos\u00e9e puisse sembler enviable par rapport \u00e0 la performance projet\u00e9e des \u00e9conomies avanc\u00e9es, elle est quelque peu terne par rapport aux performances pass\u00e9es plus proches de 5,5%.<\/strong>.<\/p>\r\n\r\n\r\n\r\n<p class=\"has-text-align-center\"><strong>O\u00f9 se situe la croissance dans la zone \u00e9mergente ?<br \/><\/strong><\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" class=\"wp-image-18556\" src=\"https:\/\/www.accuracy.com\/wp-content\/uploads\/2023\/04\/Figure-2_UK.png-1024x532.jpg\" alt=\"\" \/><\/figure>\r\n\r\n\r\n<hr class=\"wp-block-separator\" \/>\r\n\r\n\r\n<p><strong>Comment comprendre alors ce qui peut appara\u00eetre comme une r\u00e9serve dans l'\u00e9valuation du FMI ? <\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>Tout d'abord, il y a la nature du rebond attendu de l'\u00e9conomie chinoise<\/strong>. Le retour annonc\u00e9 \u00e0 meilleure fortune est une bonne nouvelle pour le reste du monde. D'accord, mais dans quelle mesure ?  Pour r\u00e9pondre \u00e0 la question, il faut pousser un peu plus loin notre compr\u00e9hension de la reprise \u00e9conomique l\u00e0-bas. Elle trouve son origine dans la lev\u00e9e des restrictions \u00e0 la circulation des personnes. Les b\u00e9n\u00e9ficiaires directs seront donc ces personnes. En tant que consommateurs, ils privil\u00e9gieront vraisemblablement les services. C'est d'ailleurs ce que nous avons pu observer en Europe et aux Etats-Unis. Par ailleurs, il semble raisonnable de privil\u00e9gier l'hypoth\u00e8se d'un soutien mesur\u00e9 par une politique \u00e9conomique volontariste.  Privil\u00e9gier le trio \"consommation - services - soutien limit\u00e9 par la politique \u00e9conomique\" revient finalement \u00e0 ne pas suivre le sch\u00e9ma typique d'une reprise chinoise. Cette fois-ci, elle est le r\u00e9sultat d'une relance budg\u00e9taire et mon\u00e9taire, de l'endettement et de l'investissement. <strong>Cette diff\u00e9rence entre aujourd'hui et hier permet de voir les limites du b\u00e9n\u00e9fice que les autres pays devraient tirer de l'am\u00e9lioration annonc\u00e9e de la Chine.<\/strong> Un rapide coup d'\u0153il \u00e0 la composition des importations chinoises le montre. La part destin\u00e9e aux m\u00e9nages est faible.<\/p>\r\n\r\n\r\n\r\n<p><strong>Ensuite, il y a la politique mon\u00e9taire am\u00e9ricaine.<\/strong> Son calibrage conditionne \u00e0 la fois une partie du mouvement des courbes de taux d'int\u00e9r\u00eat \u00e0 travers le monde et le niveau du dollar par rapport \u00e0 de nombreuses autres devises, n'est-ce pas ? Si l'on peut consid\u00e9rer que l'essentiel de la hausse du taux de base de la R\u00e9serve f\u00e9d\u00e9rale a \u00e9t\u00e9 entrepris (il se situe d\u00e9sormais en moyenne \u00e0 4,63%), deux aspects m\u00e9ritent d'\u00eatre d\u00e9taill\u00e9s : o\u00f9 se situera le plafond de la phase actuelle de hausse et combien de temps se maintiendra-t-il \u00e0 ce niveau ? Face \u00e0 des pressions inflationnistes qui n'envoient pas de signaux clairs de ralentissement et \u00e0 un march\u00e9 du travail qui reste tendu, nous pourrions vouloir r\u00e9pondre plus haut et plus longtemps que les estimations du consensus de march\u00e9. Nous devons donc conclure que la <strong>L'environnement des taux d'int\u00e9r\u00eat am\u00e9ricains, s'il devient moins d\u00e9favorable qu'il ne l'\u00e9tait, ne sera pas imm\u00e9diatement propice \u00e0 la cr\u00e9ation de conditions financi\u00e8res et \u00e9conomiques favorables aux EMDE.<\/strong>.\u00a0<\/p>\r\n\r\n\r\n\r\n<p><strong>Enfin, il y a la capacit\u00e9 de chaque pays \u00e9mergent ou en d\u00e9veloppement \u00e0 relayer, par ses propres capacit\u00e9s de politique mon\u00e9taire, les initiatives prises par Washington<\/strong>. Cela d\u00e9pend des \u00e9quilibres \u00e9conomiques et de change. La situation est tr\u00e8s variable d'une \u00e9conomie \u00e0 l'autre. Si l'on se base sur l'\u00e9chantillon pr\u00e9sent\u00e9 ci-dessous, <strong>Seule une minorit\u00e9 d'entre eux a un r\u00e9el potentiel de baisse autre que marginal de son taux directeur.<\/strong>La situation des \u00c9tats-Unis le permet.<\/p>\r\n\r\n\r\n\r\n<p class=\"has-text-align-center\"><strong>Recherche d'une marge de man\u0153uvre pour r\u00e9duire les taux de base dans la zone \u00e9mergente<br \/><\/strong><\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" class=\"wp-image-18557\" src=\"https:\/\/www.accuracy.com\/wp-content\/uploads\/2023\/04\/Figure-3_UK-1024x532.jpg\" alt=\"\" \/><\/figure>\r\n\r\n\r\n\r\n<p>Ensuite, en s'\u00e9loignant de l'\u00e9conomie, mais en gardant \u00e0 l'esprit les implications qui peuvent appara\u00eetre dans ce domaine, <strong>comment ne pas s'int\u00e9resser aux d\u00e9veloppements politiques \u00e0 venir !<\/strong>Dans ce domaine, un certain nombre de th\u00e8mes devraient \u00eatre suivis de pr\u00e8s ; certains sont d\u00e9j\u00e0 anciens et donc bien identifi\u00e9s, tandis que d'autres ont jusqu'\u00e0 pr\u00e9sent moins retenu l'attention :<\/p>\r\n\r\n\r\n\r\n<p>- Chine : risque de conflit avec Ta\u00efwan, sanctions \u00e9conomiques am\u00e9ricaines, augmentation du ch\u00f4mage des jeunes et sous-dimensionnement du syst\u00e8me de retraite<\/p>\r\n\r\n\r\n\r\n<p>- Br\u00e9sil : risque d'instabilit\u00e9 politique apr\u00e8s l'\u00e9lection de Lula<\/p>\r\n\r\n\r\n\r\n<p>- Arabie Saoudite : rapprochement avec la Russie et strat\u00e9gie de r\u00e9duction de la production de p\u00e9trole, consid\u00e9r\u00e9e comme hostile par les Etats-Unis<\/p>\r\n\r\n\r\n\r\n<p>- Isra\u00ebl : risque de guerre avec l'Iran et cons\u00e9quences de l'arriv\u00e9e de l'extr\u00eame droite au gouvernement<\/p>\r\n\r\n\r\n\r\n<p>- Russie : poursuite de la guerre en Ukraine<\/p>\r\n\r\n\r\n\r\n<p>Le cycle \u00e9lectoral, avec notamment les \u00e9lections pr\u00e9sidentielles et\/ou l\u00e9gislatives au Nigeria, en Turquie, en Argentine et au Liban.<\/p>\r\n\r\n\r\n\r\n<p><strong>Cette vision multidimensionnelle permet de conclure que les auspices de 2023 ne semblent pas particuli\u00e8rement favorables aux \u00e9conomies des EMDE. Cependant, les march\u00e9s de capitaux envoient un message beaucoup plus optimiste.<\/strong> Depuis l'automne dernier, les obligations et les actions des zones \u00e9mergentes se sont bien comport\u00e9es par rapport \u00e0 celles des pays d\u00e9velopp\u00e9s, en particulier des \u00c9tats-Unis. Comment expliquer ce contraste ?<\/p>\r\n\r\n\r\n\r\n<p><strong>En fait, les investisseurs et les op\u00e9rateurs du march\u00e9 ont pari\u00e9 que l'\u00e9conomie mondiale, et en particulier l'\u00e9conomie am\u00e9ricaine, ne tomberait pas en r\u00e9cession.<\/strong> Malgr\u00e9 des taux de ch\u00f4mage souvent bas, les banques centrales parviendront \u00e0 ramener l'inflation \u00e0 des niveaux plus ou moins compatibles avec les objectifs d\u00e9finis, sans entra\u00eener de baisse de l'activit\u00e9 pendant plusieurs trimestres. Dans ce contexte, l'app\u00e9tit pour le risque revient et les march\u00e9s \u00e9mergents en profitent !<\/p>\r\n\r\n\r\n\r\n<p class=\"has-text-align-center\"><strong>Les march\u00e9s obligataires \u00e9mergents se redressent sur fond d'am\u00e9lioration des taux longs am\u00e9ricains<br \/><\/strong><\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" class=\"wp-image-18558\" src=\"https:\/\/www.accuracy.com\/wp-content\/uploads\/2023\/04\/Figure-4_UK.png-1024x532.jpg\" alt=\"\" \/><\/figure>\r\n\r\n\r\n\r\n<p class=\"has-text-align-center\"><strong>Retour \u00e0 une meilleure fortune pour les march\u00e9s d'actions \u00e9mergents ?<br \/><\/strong><\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" class=\"wp-image-18559\" src=\"https:\/\/www.accuracy.com\/wp-content\/uploads\/2023\/04\/Figure-5_UK.png-1024x532.jpg\" alt=\"\" \/><\/figure>\r\n\r\n\r\n\r\n<p><strong>De quel c\u00f4t\u00e9 faut-il se placer : de l'analyse fondamentale ou de la vision des march\u00e9s financiers ?<\/strong> C'est tr\u00e8s difficile \u00e0 dire ! Retenons simplement que les paris sur un atterrissage en douceur de l'\u00e9conomie sont difficiles \u00e0 gagner, et sans doute encore plus lorsque les march\u00e9s du travail restent tendus.<\/p>\r\n<hr \/>\r\n<p><strong>Herv\u00e9 Goulletquer - Conseiller \u00e9conomique principal - Accuracy<\/strong><br \/><em>Accuracy Talks Straight #7 - Point de vue acad\u00e9mique<\/em><\/p>","protected":false},"excerpt":{"rendered":"<p>Emerging markets and developing economies (EMDEs) have struggled through the succession of crises experienced over the past three years: health (Covid), geopolitical (the Russo-Ukrainian war, tensions in the South China Sea and growing Sino-American rivalry), economic (the return of inflation) and financial (the rise in interest rates and the dollar in a context of (primarily [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":47570,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[212,261,60],"tags":[305],"class_list":["post-22318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","category-construction-infrastructure-analysis","category-insights","tag-accuracy-talks-straight-7"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>2023: an emerging year? 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