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La reprise qui s’annonce. Perspectives 2015-2016 pour la zone euro et le reste du monde

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  • Département analyse et prévision
  • Éric Heyer
  • Xavier Timbeau

Abstract

Alors que la croissance mondiale devrait s’accélérer en 2015-2016, la zone euro ne resterait pas, cette fois-ci, à l’écart de la reprise. Alors que la croissance des pays membres de l’Union monétaire avait été entravée depuis 2011 par des politiques budgétaires et des conditions financières dégradées, principalement pour les pays frappés par la crise des dettes souveraines, ces freins devraient progressivement s’atténuer. Les pays industrialisés profiteraient par ailleurs de la baisse du prix du pétrole qui permettra un transfert de revenu des pays producteurs de pétrole vers les pays industrialisés. Les ménages devraient en bénéficier rapidement via l’amélioration de leur pouvoir d’achat. En outre, ce choc favorable s’accompagne dans la zone euro d’une dépréciation de l’euro. Bien que celle-ci atténue en partie l’effet de la baisse du pétrole, elle stimule également les exportations, ce qui apporte un supplément de demande adressée et permet alors d’inscrire les pays de la zone euro dans une dynamique de reprise auto-entretenue, malgré le recul ou le ralentissement de la croissance dans certains pays émergents (Brésil, Russie et Chine). La croissance se consoliderait donc dans l’ensemble des pays avancés, ce qui permettrait la réduction du taux de chômage, déjà significative pour les États-Unis ou le Royaume-Uni et qui s’amorcerait enfin dans l’ensemble de la zone euro. L’hypothèse déflationniste serait donc écartée mais le risque serait toujours aussi prégnant. L’inflation sous-jacente a baissé significativement et la baisse du taux de chômage, dans la zone euro, sera trop faible pour lever tous les risques. De plus, les anticipations d’inflation ont été fortement révisées à la baisse et pourraient être durablement inférieures à la cible fixée par la BCE. Enfin, la reprise reposerait sur des facteurs tangibles, mais aussi fragiles. Le choc de demande positif lié à la baisse du prix du pétrole pourrait rapidement s’inverser, induisant un ralentissement de la croiss
(This abstract was borrowed from another version of this item.)

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  • Département analyse et prévision & Éric Heyer & Xavier Timbeau, 2015. "La reprise qui s’annonce. Perspectives 2015-2016 pour la zone euro et le reste du monde," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(2), pages 5-80.
  • Handle: RePEc:cai:reofsp:reof_138_0005
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    macroeconomic forecasts; world economy;

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