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Endettement extérieur et croissance économique: “Lien vertueux ou vicieux”? - Algerie360
La théorie et les différentes expériences ont montré que l’investissement productif est nécessaire mais non suffisant pour réaliser le “lien vertueux”. Tout dépend, en définitive, de la nature de l’économie et de la politique du pays.
Comme le rappelle le Pr Marc Raffinot, la plus ancienne formulation théorique concernant le lien entre financement extérieur et croissance économique a été élaborée à la fin du XIXe siècle (Cairmes, 1874 ; Bartable, 1899) et reçut le nom de “Théorie de la croissance transmise par les mouvements de capitaux” ou “Théorie des stades de la balance des paiements”. En résumé, la situation d’un pays est caractérisée, au début de sa croissance, par la faiblesse de l’épargne et, partant, par des niveaux très élevés de taux d’intérêt. De tels niveaux attirent des capitaux extérieurs, permettant ainsi de nouveaux investissements et une croissance additionnelle. Celle-ci engendre une augmentation des revenus et de l’épargne interne d’une part, une balance commerciale positive et des gains en devises d’autre part, à condition qu’elle soit également mue par une dynamique d’exportations. Un tel processus permet au pays de passer progressivement du statut d’importateur à celui d’exportateur de capitaux. En effet, avec l’augmentation du volume de l’épargne, le taux d’intérêt a tendance à baisser ; il devient alors plus intéressant de placer les capitaux ailleurs. La littérature économique consacrée aux problèmes du sous-développement et du développement a mis en relief, dès les années 1950, le fait que le manque de capital constitue l’une des causes essentielles du “retard” des pays du tiers-monde, caractérisés par une faiblesse du revenu. Ainsi, l’intensité des transferts de ressources vers ces pays est considérée comme un facteur essentiel pour combler ce “retard”. Il était alors essentiellement question d’aide publique au développement (APD) ; or cette dernière ne cessa de régresser dès la fin des années 1960.
Au début des années 1970, le financement des pays en développement devint de plus en plus privé, notamment avec le premier choc pétrolier et l’importance des dépôts de pétrodollars. La réduction de l’activité et de la demande de crédits dans les pays développés incitèrent fortement les banques commerciales à s’intéresser aux pays en développement. Les taux d’intérêt réels, faiblement positifs durant les années 1960, devinrent nuls, voire négatifs du fait de l’importance de l’inflation au cours des années 1970, tandis que les durées de l’emprunt augmentèrent rapidement. Les pays en développement cherchèrent alors à profiter de conditions aussi favorables, en empruntant les ressources nécessaires et dont l’affectation fut moins contraignante. La dette du tiers-monde fut ainsi multipliée par cinq entre 1971 et 1980, atteignant près de 500 milliards de dollars US, les prêts accordés étant concentrés sur quelques pays d’Amérique latine et d’Asie. (“On ne prête qu’aux riches”).
Cependant, la dette extérieure devint insupportable pour la plupart de ces pays. Comme le soulignèrent de nombreux auteurs, l’impossibilité de rembourser tint à plusieurs causes : investissement trop important ou mal orienté, fuite des capitaux, utilisation des prêts extérieurs pour la consommation ; l’importance relative de chaque élément différa selon les pays. Le retournement de conjoncture de 1980 fut toutefois déterminant. Avec la montée des taux d’intérêt et du cours du dollar, la charge des emprunts, libellés en grande partie en dollars, explosa, alors que le contre-choc pétrolier et la baisse des prix des matières premières diminuèrent fortement les recettes d’exportations des pays endettés. Les plus endettés furent alors obligés de changer de comportement : ils durent contracter des emprunts à court terme de façon à faire face à leurs échéances, illustrant ainsi l’impasse des politiques recourant à l’endettement extérieur.
Pourtant, la Corée du Sud a su éviter une telle impasse. Le “miracle coréen” fut le produit de la conjugaison de plusieurs facteurs dont, essentiellement, le facteur culturel, les défis à relever, la stratégie adoptée et les acteurs de la croissance. Nombreux sont les auteurs qui insistèrent sur l’influence de la tradition confucéenne pour expliquer le succès de la Corée du Sud, en citant, notamment, le respect des aînés, de la hiérarchie et de l’autorité ; l’attention particulière accordée à l’instruction ; la frugalité qui a beaucoup contribué à la formidable capacité d’épargner ; la sacralisation du travail. Celui-ci est considéré comme “faisant partie de l’ordre naturel des choses. L’oisiveté est humiliante et il n’y a pas pire situation pour l’homme que d’être à la charge des autres”. La promotion des exportations répondit à un double souci : contraintes internes d’une part (absence de matières premières et d’énergie, marché intérieur étroit), pressions américaines en contrepartie de l’aide apportée. Une telle promotion fut, au début, le fait d’entreprises coréennes : les investissements directs étrangers (IDE) représentèrent, à la veille de 1970, moins de 5% des investissements industriels. Ce fut fondamentalement par le recours aux emprunts que se réalisa une telle croissance, facilitée par la normalisation des relations avec le Japon. Mais le rapide accroissement du service de la dette incita le gouvernement à mettre en œuvre des mesures très attractives pour les entreprises étrangères.
Encouragés par les investissements considérables effectués, dans leur pays d’origine, par les résidents coréens au Japon, les investissements japonais se multiplièrent en Corée du Sud. À partir de 1975, on assista à une augmentation relative des investissements américains et européens, à cause du coût de la main d’œuvre essentiellement. Ces derniers sont réalisés surtout dans des secteurs considérés comme stratégiques, techniquement avancés, fortement intensifs en capital.
Cependant, afin de réduire les effets négatifs des IDE sur l’économie nationale, de “nouveaux principes directeurs de l’IDE” constituèrent jusque vers la fin des années 1970, l’essentiel de la politique coréenne en la matière, considérée comme particulièrement restrictive. Pourtant, grâce à l’amélioration des perspectives ouvertes à l’économie et au développement de l’esprit local d’entreprise, il devint possible de faire affluer les IDE selon des modalités souhaitées par le pays d’accueil. Il convient d’ajouter que cette modification de la politique gouvernementale à l’égard des IDE fut facilitée par le contexte financier favorable des années 1974-1978. Les Coréens surent alors profiter d’un tel contexte, en alternant IDE et emprunts extérieurs, en fonction de l’évolution de leur stratégie. C’est ainsi, par exemple, qu’ils n’hésitèrent pas à effectuer des remboursements anticipés d’emprunts, en négociant des modalités avantageuses et à recourir à nouveau aux IDE, lorsque les conditions d’emprunts extérieurs furent moins favorables. L’encours de la dette extérieure de ce pays atteignit 32,5 milliards de dollars en 1981. Il convient souligner que la Corée du Sud consacra l’épargne extérieure à financer exclusivement les investissements productifs dans une stratégie de promotion des exportations. Ainsi, le service de la dette resta relativement supportable dans les années 1970 grâce à la croissance des exportations. Alors qu’en 1978, l’endettement extérieur de la Corée du Sud atteignit 25% du PNB, ce pays devint un pays créditeur net en 1985-86. Qu’en est-il de l’expérience algérienne ? La stratégie algérienne de développement adoptée pour les années 1970, traduisit la volonté de l’État algérien de passer d’une économie exportatrice primaire à une économie diversifiée, notamment par un développement industriel ambitieux. Le niveau particulièrement élevé du taux d’investissement nécessita un recours aux emprunts extérieurs, alors même que les recettes d’exportation des hydrocarbures furent bien substantielles. La dette extérieure passa ainsi de 1,5 milliard de dollars environ en 1970 à 18,7 milliards de dollars en 1980. La première moitié des années 1980 connut un remboursement partiel, anticipé, de la dette extérieure grâce à une réduction des importations des biens d’équipement et surtout à l’augmentation substantielle des recettes d’exportation des hydrocarbures. Le montant de la dette extérieure du pays passa alors de 18,7 milliards à 15,6 milliards de dollars. Mais, suite à une forte baisse des prix des hydrocarbures et du cours du dollar, l’Algérie subit à partir de 1986 une chute drastique de ses recettes d’exportations dont 97% proviennent des hydrocarbures. Il en résulta une diminution du taux d’investissement, un taux de croissance du produit intérieur brut négatif et une aggravation du taux de chômage. Les faiblesses structurelles de l’économie algérienne devinrent alors apparentes. Les années 90, années de la tragédie nationale, demeurèrent marquées par une forte chute de la capacité d’importation et une forte augmentation du service de la dette extérieure, le recours au Fonds monétaire international (FMI), et l’application du Programme d’ajustement structurel (PAS) avec ses conséquences économiques et sociales.
Plus récemment, l’Algérie passa pratiquement du statut d’emprunteur à celui de “prêteur”. Le remboursement de la dette extérieure constitua l’une des mesures les plus judicieuses prises durant les années 2000. Mais cela fut réalisé uniquement grâce à l’augmentation substantielle des recettes d’exportation d’hydrocarbures, la part des recettes hors hydrocarbures étant insignifiante. La chute des prix de ces derniers, en 2009 et depuis 2014, mit encore à nu la nature et la fragilité de notre économie, fortement dépendante des hydrocarbures. Nous savons bien, à la lumière des différentes expériences, que dans un tel contexte, il ne suffit pas que les investissements soient productifs. Si le processus de production et les revenus générés ont un fort contenu en importations sans augmentation des exportations, la balance courante sera tout de même déséquilibrée et le remboursement de la dette extérieure impossible, à moins de continuer à compter sur une augmentation éventuelle des recettes d’exportations des hydrocarbures ou sur le recours, encore une fois, au FMI ! La solution réside en réalité, nous le savons tous, dans la diversification de l’économie et les exportations hors hydrocarbures. Pour cela, il est nécessaire de mettre en œuvre un ambitieux programme de réformes, décidé et initié par le pays lui-même, avec l’engagement de tous grâce à une concertation effective avec l’ensemble des acteurs ainsi qu’à une pédagogie expliquant que de la répartition équitable de sacrifices nécessaires devra résulter un partage équitable des fruits d’un développement durable. Lors d’une conférence donnée par le général vietnamien Vo Nguyen Giap à l’université d’Alger, il fut bien à l’aise en traitant différents domaines (militaire, politique, diplomatique …) mais en abordant celui de l’économie, il marqua un temps de réflexion avant de déclarer : “L’économie a ses lois.” Nous ne pouvons les enfreindre tout le temps.