Nicholas Asfouri/AFP/Getty Images

Reprendre l’investissement

GENÈVE – Lors du sommet du G20, le mois dernier, à Hangzhou, en Chine, les dirigeants de la planète ont présenté un plan ambitieux pour « une nouvelle ère de la croissance mondiale ». Mais ils en ont oublié l’un des principaux ingrédients : rétablir un bon climat d’investissement.

Le sens commun voudrait que l’épargne des ménages, grâce à des marchés financiers efficaces, alimente les entreprises qui seront le mieux capable d’utiliser cet argent à des usages productifs. Pourtant, dans de nombreux pays en développement, l’accès plus simple aux financements – grâce la circulation des capitaux au-delà des frontières et à la dérégulation du marché financier – ne conduit pas encore, notamment dans le secteur manufacturier, à nourrir les investissements de long terme.

La décision d’investir dépend d’un certain nombre de facteurs et de contingences complexes ; le panachage de financements publics et privés est essentiel à l’éclosion des nouveaux projets. En Asie de l’Est, où la croissance et le développement ont été rapides ces dernières années, les responsables politiques n’ont pas seulement autorisé mais encouragé les entreprises à réaliser des bénéfices importants, tant que ceux-ci étaient réorientés vers l’investissement productif. En conséquence de quoi, les entreprises de l’Est asiatique voient leurs dépenses d’investissement largement financées – aux quatre cinquièmes – par les bénéfices réinvestis, tandis que les institutions financières à capitaux publics entretiennent le rythme d’une croissance tirée par ces investissements.

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