{"id":2790,"date":"2022-03-12T22:41:52","date_gmt":"2022-03-12T22:41:52","guid":{"rendered":"https:\/\/challengeseconomiques.com\/?p=2790"},"modified":"2022-03-12T22:42:28","modified_gmt":"2022-03-12T22:42:28","slug":"un-satisfecit-de-poids-pour-luemoa","status":"publish","type":"post","link":"https:\/\/challengeseconomiques.com\/?p=2790","title":{"rendered":"Un satisfecit de poids pour l\u2019UEMOA"},"content":{"rendered":"<p><strong>La r\u00e9gion UEMOA fait preuve d\u2019une forte r\u00e9silience et les politiques men\u00e9es permettent le rebond des \u00e9conomies. Tel est le constat du FMI dans une note qui dresse un tableau plut\u00f4t flatteur des \u00e9conomies d\u2019Afrique de l\u2019Ouest.<\/strong><\/p>\n<p>Un satisfecit pour les pays d\u2019Afrique de l\u2019Ouest, celui d\u00e9livr\u00e9 par le Fonds mon\u00e9taire international. Selon l\u2019organisme de Washington, la croissance devrait s\u2019acc\u00e9l\u00e9rer cette ann\u00e9e, principalement sous l\u2019effet d\u2019un rebond des exportations nettes.<\/p>\n<p>Bien s\u00fbr, d\u2019importants risques \u00e0 la baisse p\u00e8sent sur les perspectives \u00e9conomiques, notamment la possibilit\u00e9 d\u2019une nouvelle d\u00e9t\u00e9rioration de la situation en mati\u00e8re de s\u00e9curit\u00e9 et l\u2019incertitude politique.<\/p>\n<p>Sans oublier les r\u00e9percussions de la guerre en Europe de l\u2019Est, notamment sur les prix des mati\u00e8res premi\u00e8res.<\/p>\n<p>Quoi qu\u2019il en soit, l\u2019ann\u00e9e 2022 sera celle de l\u2019assainissement budg\u00e9taire&nbsp;; progressivement, la zone devrait ramener le d\u00e9ficit budg\u00e9taire r\u00e9gional vers 3 % du PIB, \u00e0 horizon 2024.<\/p>\n<p>En d\u00e9pit de sa r\u00e9silience face \u00e0 la pand\u00e9mie, la r\u00e9gion a \u00e9t\u00e9 durement touch\u00e9e par le variant Omicron, tandis que les risques s\u00e9curitaires continuent d\u2019augmenter dans certains pays.<\/p>\n<p>Malgr\u00e9 ces \u00ab&nbsp;<em>vents contraires<\/em>&nbsp;\u00bb, comme les qualifie le FMI, le rebond \u00e9conomique amorc\u00e9 au second semestre 2020 s\u2019est raffermi en 2021, tandis que les politiques budg\u00e9taire et mon\u00e9taire sont rest\u00e9es favorables.<\/p>\n<p>Les r\u00e9serves ext\u00e9rieures ont atteint des niveaux confortables et le syst\u00e8me financier semble globalement sain. L\u2019inflation d\u00e9passe le plafond de 3 % de la fourchette cible de la BCEAO (Banque centrale des \u00c9tats d\u2019Afrique de l\u2019Ouest) depuis avril 2021, principalement en raison de la hausse des prix des denr\u00e9es alimentaires int\u00e9rieures et import\u00e9es.<\/p>\n<p>La croissance devrait encore s\u2019acc\u00e9l\u00e9rer pour atteindre environ 6 % en 2022, principalement gr\u00e2ce \u00e0 un rebond des exportations nettes et l\u2019inflation devrait revenir dans la fourchette cible de la BCEAO, d\u2019ici \u00e0 la fin de l\u2019ann\u00e9e. Sauf nouveaux \u00ab&nbsp;<em>vents contraires<\/em>&nbsp;\u00bb.<\/p>\n<p>Il existe cependant d\u2019importants risques \u00e0 la baisse pour les perspectives, en particulier compte tenu des progr\u00e8s lents et in\u00e9gaux de la vaccination, de la possibilit\u00e9 d\u2019une nouvelle d\u00e9t\u00e9rioration de la s\u00e9curit\u00e9 les risques et l\u2019incertitude politique, et du resserrement probable des conditions financi\u00e8res mondiales.<\/p>\n<p><strong>Une politique mon\u00e9taire appropri\u00e9e<\/strong><\/p>\n<p>Au cours de leur visite aupr\u00e8s des institutions ouest-africaines, les administrateurs du FMI ont fait le point sur les atouts et les risques de la zone, tels que nous venons de le r\u00e9sumer. Selon eux les efforts fournis sont \u00ab&nbsp;<em>cruciaux<\/em>&nbsp;\u00bb&nbsp;; ils visent \u00e0 assurer la durabilit\u00e9 macro\u00e9conomique, tout en limitant les cicatrices et en soutenant la reprise.<\/p>\n<p>Ils consid\u00e8rent que le retour au plafond du d\u00e9ficit budg\u00e9taire global de 3 % du PIB, \u00e0 moyen terme, est \u00ab&nbsp;<em>essentiel pour maintenir un niveau ad\u00e9quat de r\u00e9serves ext\u00e9rieures, limiter le risque de pressions sur les march\u00e9s financiers r\u00e9gionaux et assurer la viabilit\u00e9 de la dette<\/em>&nbsp;\u00bb.<\/p>\n<p>Ils appellent au r\u00e9tablissement du pacte de convergence des \u00e9conomies de la zone, forc\u00e9ment mis \u00e0 mal par l\u2019urgence sanitaire, en 2020 et 2021. Sachant que tout ajustement budg\u00e9taire doit favoriser une reprise inclusive.<\/p>\n<p>Le FMI ne serait pas ce qu\u2019il est sans la recommandation de \u00ab&nbsp;r\u00e9formes&nbsp;\u00bb ou de mesures qu\u2019il juge ad\u00e9quates. Ainsi, les administrateurs recommandent-ils aux gouvernements africains de faciliter des augmentations de revenus, de s\u00e9curiser les d\u00e9penses sociales et d\u2019infrastructure prioritaires et de donner la priorit\u00e9 au d\u00e9ploiement des vaccins.<\/p>\n<p><strong>Gare \u00e0 l\u2019inflation<\/strong><\/p>\n<p>La BCEAO a adopt\u00e9 une politique mon\u00e9taire \u00ab&nbsp;<em>accommodante<\/em>&nbsp;\u00bb, en baissant les taux directeurs et permettant ainsi l\u2019\u00e9mission de monnaie. Le Fonds juge cette politique \u00ab&nbsp;<em>appropri\u00e9e<\/em>&nbsp;\u00bb.<\/p>\n<p>Toutefois, il demande \u00e0 la BCEAO de \u00ab&nbsp;<em>se tenir pr\u00eate \u00e0 resserrer sa politique mon\u00e9taire en cas d\u2019affaiblissement de la position ext\u00e9rieure ou si les pressions inflationnistes persistent<\/em>&nbsp;\u00bb. En effet, le pari des Banques centrales, ces derniers mois, \u00e9tait de consid\u00e9rer l\u2019inflation comme passag\u00e8re. La crise en Europe, entre autres \u00e9l\u00e9ments, pourrait changer la donne.<\/p>\n<p>Concertant la BCEAO, les administrateurs ont salu\u00e9 \u00ab&nbsp;<em>les efforts continus de la Banque centrale pour moderniser ses cadres de politique et de gouvernance<\/em>&nbsp;\u00bb, saluant les r\u00e9formes financi\u00e8res en cours.<\/p>\n<p>N\u00e9anmoins, il leur semble n\u00e9cessaire de r\u00e9duire la forte d\u00e9pendance de certaines banques au refinancement de la Banque centrale et de rem\u00e9dier aux fragilit\u00e9s structurelles du secteur des institutions de microfinance.<\/p>\n<p>Enfin, pour accompagner le rebond des \u00e9conomies, il faudra prendre des mesures \u00e9nergiques aux niveaux r\u00e9gional et national pour stimuler la croissance de la productivit\u00e9 et stimuler l\u2019investissement priv\u00e9, conclut l\u2019institution.<\/p>\n<p><strong>Le Magazine de l&rsquo;Afrique<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>La r\u00e9gion UEMOA fait preuve d\u2019une forte r\u00e9silience et les politiques men\u00e9es permettent le rebond des \u00e9conomies. Tel est le constat du FMI dans une&#8230;<\/p>\n","protected":false},"author":1,"featured_media":421,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-2790","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualite-economique","wpcat-8-id"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Un satisfecit de poids pour l\u2019UEMOA - challenges economiques<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/challengeseconomiques.com\/?p=2790\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Un satisfecit de poids pour l\u2019UEMOA - challenges economiques\" \/>\n<meta property=\"og:description\" content=\"La r\u00e9gion UEMOA fait preuve d\u2019une forte r\u00e9silience et les politiques men\u00e9es permettent le rebond des \u00e9conomies. 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