{"id":8474,"date":"2025-10-27T10:41:56","date_gmt":"2025-10-27T10:41:56","guid":{"rendered":"https:\/\/challengeseconomiques.com\/?p=8474"},"modified":"2025-10-27T10:42:39","modified_gmt":"2025-10-27T10:42:39","slug":"une-resilience-surprenante-et-fragile","status":"publish","type":"post","link":"https:\/\/challengeseconomiques.com\/?p=8474","title":{"rendered":"Une r\u00e9silience surprenante et fragile"},"content":{"rendered":"<p><strong>Le FMI ajuste favorablement ses pr\u00e9visions de croissance pour l\u2019Afrique mais pr\u00e9vient de l\u2019accumulation des risques, conseillant une meilleure mobilisation fiscale.<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>\u00ab\u00a0<em>Tenir bon.<\/em>\u00a0\u00bb Voil\u00e0, en deux mots, r\u00e9sum\u00e9 le sentiment des \u00e9conomistes du FMI au sujet de l\u2019Afrique. Une formule \u00e0 double sens qui exprime bien le sentiment selon lequel la r\u00e9silience du continent \u00ab\u00a0<em>a de quoi surprendre<\/em>\u00a0\u00bb mais que les facteurs de vuln\u00e9rabilit\u00e9 demeurent. Le FMI pr\u00e9voit une croissance de 4,1\u00a0% en 2025 puis un \u00ab\u00a0<em>l\u00e9ger regain<\/em>\u00a0\u00bb en 2026<em>, <\/em>\u00ab<em>\u00a0\u00e0 la faveur de la stabilisation macro\u00e9conomique et des r\u00e9formes en cours dans plusieurs des principales puissances \u00e9conomiques de la r\u00e9gion\u00a0<\/em>\u00bb<em>.<\/em><\/p>\n<p>Toutefois, \u00ab<em>\u00a0cette r\u00e9silience ne saurait \u00eatre tenue pour acquise\u00a0<\/em>\u00bb, pr\u00e9vient l\u2019institution de Washington<em>. \u00ab\u00a0La plupart des pays de la r\u00e9gion concentrent une multiplicit\u00e9 de facteurs de vuln\u00e9rabilit\u00e9, aussi bien sur les plans mon\u00e9taire, financier, ext\u00e9rieur que budg\u00e9taire. L\u2019incertitude perdure, et le solde des risques reste orient\u00e9 \u00e0 la baisse.\u00a0<\/em>\u00bb<\/p>\n<blockquote><p>Le FMI pr\u00e9voit une croissance de 2,8\u00a0% dans la zone CEMAC (-0,2 point) et de 3,3\u00a0% en 2026. En UEMOA, la croissance ressort \u00e0 5,9\u00a0% en 2025 (-0,4 point) et \u00e0 5,6\u00a0% en 2026. \u00c0 noter une croissance pr\u00e9vue \u00e0 4,8\u00a0% par an, en zone franc.<\/p><\/blockquote>\n<p>D\u00e8s lors, \u00ab<em>\u00a0la mobilisation des recettes int\u00e9rieures et la gestion renforc\u00e9e de la dette peuvent permettre de renforcer la stabilit\u00e9 macro\u00e9conomique tout en finan\u00e7ant les besoins essentiels de d\u00e9veloppement<\/em>.\u00a0\u00bb<\/p>\n<p>Les pr\u00e9visions sont en tr\u00e8s l\u00e9g\u00e8re hausse depuis le mois d\u2019avril, ce qui traduit les avanc\u00e9es constantes en faveur de la stabilit\u00e9 macro\u00e9conomique et la poursuite des r\u00e9formes, notamment en \u00c9thiopie et au Nigeria.<\/p>\n<p>Plus en d\u00e9tail, le FMI constate que le co\u00fbt du capital int\u00e9rieur reste \u00e9lev\u00e9 dans toute la r\u00e9gion. Les march\u00e9s financiers int\u00e9rieurs ne sont pas suffisamment d\u00e9velopp\u00e9s\u00a0: peu profonds et fragment\u00e9s, ils se caract\u00e9risent par un manque de liquidit\u00e9, des co\u00fbts de transaction \u00e9lev\u00e9s et des \u00e9carts de taux d\u2019int\u00e9r\u00eat notables. \u00ab\u00a0<em>Ces faiblesses structurelles rench\u00e9rissent le financement des \u00c9tats et des entreprises, et limitent la capacit\u00e9 du march\u00e9 \u00e0 absorber les \u00e9missions de dette, en particulier s\u2019agissant des instruments \u00e0 long terme<\/em>\u00a0\u00bb, s\u2019inqui\u00e8tent les \u00e9conomistes.<\/p>\n<p>Ce probl\u00e8me est encore aggrav\u00e9 par l\u2019instabilit\u00e9 mon\u00e9taire et l\u2019inflation, par l\u2019opacit\u00e9 des secteurs financiers et le manque d\u2019information quant \u00e0 leur degr\u00e9 d\u2019exposition \u00e0 la dette, et par l\u2019incertitude en mati\u00e8re de r\u00e9glementation.<\/p>\n<p>Dans beaucoup de pays, les nouveaux emprunts publics int\u00e9rieurs sont nettement plus co\u00fbteux que les emprunts ext\u00e9rieurs. De plus, lorsque les \u00c9tats sont fortement tributaires du financement bancaire int\u00e9rieur, le co\u00fbt du capital sur le march\u00e9 int\u00e9rieur augmente encore davantage, ce qui d\u00e9courage les investissements du secteur priv\u00e9.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Des \u00c9tats trop d\u00e9pendants des banques\u00a0?<\/strong><\/p>\n<p>Dans ce contexte, le recours croissant au financement int\u00e9rieur est \u00ab\u00a0<em>porteur de nouveaux risques qui doivent faire l\u2019objet d\u2019une gestion prudente\u00a0<\/em>\u00bb, juge le FMI. Il est vrai que les titres de dette souveraine au bilan des banques repr\u00e9sentent des volumes consid\u00e9rables, qui augmentent plus vite en Afrique subsaharienne que dans le reste du monde.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone  wp-image-93669 lazyloaded\" src=\"https:\/\/magazinedelafrique.com\/wp-content\/uploads\/2025\/10\/ASS-FMI-octobre-2026-300x263.jpg\" sizes=\"(max-width: 428px) 100vw, 428px\" srcset=\"https:\/\/magazinedelafrique.com\/wp-content\/uploads\/2025\/10\/ASS-FMI-octobre-2026-300x263.jpg 300w, https:\/\/magazinedelafrique.com\/wp-content\/uploads\/2025\/10\/ASS-FMI-octobre-2026-768x672.jpg 768w, https:\/\/magazinedelafrique.com\/wp-content\/uploads\/2025\/10\/ASS-FMI-octobre-2026.jpg 857w\" alt=\"\" width=\"428\" height=\"375\" data-src=\"https:\/\/magazinedelafrique.com\/wp-content\/uploads\/2025\/10\/ASS-FMI-octobre-2026-300x263.jpg\" data-srcset=\"https:\/\/magazinedelafrique.com\/wp-content\/uploads\/2025\/10\/ASS-FMI-octobre-2026-300x263.jpg 300w, https:\/\/magazinedelafrique.com\/wp-content\/uploads\/2025\/10\/ASS-FMI-octobre-2026-768x672.jpg 768w, https:\/\/magazinedelafrique.com\/wp-content\/uploads\/2025\/10\/ASS-FMI-octobre-2026.jpg 857w\" data-sizes=\"(max-width: 428px) 100vw, 428px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>L\u2019interd\u00e9pendance \u00c9tat \u2013banques est susceptible de se transformer en cercle vicieux : la d\u00e9t\u00e9rioration de la solvabilit\u00e9 des \u00c9tats entra\u00eene \u00ab\u00a0<em>des effets d\u00e9l\u00e9t\u00e8res<\/em>\u00a0\u00bb sur la solidit\u00e9 du secteur bancaire ; si celle-ci est compromise, l\u2019acc\u00e8s d\u00e9j\u00e0 limit\u00e9 au cr\u00e9dit priv\u00e9 risque de se restreindre encore davantage, au d\u00e9triment de la croissance. Et le FMI de redouter d\u2019\u00e9ventuels sauvetages de banques, lesquels d\u00e9clencheraient des sorties de capitaux et des pressions sur le march\u00e9 des changes.<\/p>\n<p>L\u2019institution d\u00e9gage deux priorit\u00e9s pour les pouvoirs publics\u00a0: mobiliser les recettes int\u00e9rieures et am\u00e9liorer la gestion de la dette. Dans toute la r\u00e9gion, des besoins urgents perdurent en mati\u00e8re de d\u00e9penses de d\u00e9veloppement, mais les financements ext\u00e9rieurs restent limit\u00e9s et le poids du service de la dette est \u00e9lev\u00e9.<\/p>\n<p>Pour all\u00e9ger ces contraintes, les pays pourraient exercer une meilleure gestion de la dette afin d\u2019\u00e9largir l\u2019acc\u00e8s aux financements, de faire baisser les co\u00fbts de l\u2019emprunt et de r\u00e9duire le risque de surendettement.<\/p>\n<p>Surtout, les pays mieux mobiliser leurs recettes int\u00e9rieures, insiste une nouvelle fois le FMI. Cette politique peut permettre de reconstituer des marges de man\u0153uvre budg\u00e9taires durables, tout en renfor\u00e7ant la stabilit\u00e9 macro\u00e9conomique et les moyens de l\u2019\u00c9tat.<\/p>\n<p>Obtenir des avanc\u00e9es significatives en mati\u00e8re de mobilisation des recettes int\u00e9rieures s\u2019est souvent r\u00e9v\u00e9l\u00e9 difficile, reconnaissent les \u00e9conomistes. Cela s\u2019explique en partie par des contraintes structurelles, comme l\u2019ampleur de l\u2019\u00e9conomie informelle et le manque de moyens pour faire respecter la loi. \u00ab\u00a0<em>N\u00e9anmoins, les autorit\u00e9s peuvent exploiter un important<\/em> \u00ab\u00a0potentiel fiscal\u00a0\u00bb<em> inutilis\u00e9, \u00e0 condition de s\u2019attaquer de mani\u00e8re coordonn\u00e9e aux obstacles administratifs, politiques et juridiques.<\/em>\u00a0\u00bb Les principales difficult\u00e9s pour augmenter les recettes \u00e0 partir de niveaux initialement faibles sont le manque de capacit\u00e9s techniques et, de mani\u00e8re g\u00e9n\u00e9rale, les probl\u00e8mes de gouvernance, s\u2019agissant notamment de la perception de la corruption. Pour conserver un niveau de recettes \u00e9lev\u00e9 dans la dur\u00e9e, il est n\u00e9cessaire de renforcer la transparence et d\u2019accro\u00eetre la participation ainsi que la responsabilisation des diff\u00e9rents acteurs. Et le FMI de sugg\u00e9rer \u00ab\u00a0<em>une double d\u00e9marche<\/em>\u00a0\u00bb portant \u00e0 la fois sur l\u2019administration et la politique fiscale.<\/p>\n<p><img decoding=\"async\" class=\"wp-image-93670 aligncenter lazyloaded\" src=\"https:\/\/magazinedelafrique.com\/wp-content\/uploads\/2025\/10\/FMI-previsions-octore-2025-175x300.jpg\" sizes=\"(max-width: 524px) 100vw, 524px\" srcset=\"https:\/\/magazinedelafrique.com\/wp-content\/uploads\/2025\/10\/FMI-previsions-octore-2025-175x300.jpg 175w, https:\/\/magazinedelafrique.com\/wp-content\/uploads\/2025\/10\/FMI-previsions-octore-2025-597x1024.jpg 597w, https:\/\/magazinedelafrique.com\/wp-content\/uploads\/2025\/10\/FMI-previsions-octore-2025-768x1318.jpg 768w, https:\/\/magazinedelafrique.com\/wp-content\/uploads\/2025\/10\/FMI-previsions-octore-2025.jpg 867w\" alt=\"\" width=\"524\" height=\"898\" data-src=\"https:\/\/magazinedelafrique.com\/wp-content\/uploads\/2025\/10\/FMI-previsions-octore-2025-175x300.jpg\" data-srcset=\"https:\/\/magazinedelafrique.com\/wp-content\/uploads\/2025\/10\/FMI-previsions-octore-2025-175x300.jpg 175w, https:\/\/magazinedelafrique.com\/wp-content\/uploads\/2025\/10\/FMI-previsions-octore-2025-597x1024.jpg 597w, https:\/\/magazinedelafrique.com\/wp-content\/uploads\/2025\/10\/FMI-previsions-octore-2025-768x1318.jpg 768w, https:\/\/magazinedelafrique.com\/wp-content\/uploads\/2025\/10\/FMI-previsions-octore-2025.jpg 867w\" data-sizes=\"(max-width: 524px) 100vw, 524px\" \/><\/p>\n<p><strong>Le Magazine de l&rsquo;Afrique<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Le FMI ajuste favorablement ses pr\u00e9visions de croissance pour l\u2019Afrique mais pr\u00e9vient de l\u2019accumulation des risques, conseillant une meilleure mobilisation fiscale. &nbsp; \u00ab\u00a0Tenir bon.\u00a0\u00bb Voil\u00e0,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":8475,"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-8474","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 - 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