{"id":13995,"date":"2022-11-04T10:57:00","date_gmt":"2022-11-04T14:57:00","guid":{"rendered":"https:\/\/thebusinesscouncil.ca\/?post_type=publication&p=13995"},"modified":"2022-11-09T11:06:51","modified_gmt":"2022-11-09T16:06:51","slug":"a-peine-la-note-de-passage-pour-freeland","status":"publish","type":"publication","link":"https:\/\/www.thebusinesscouncil.ca\/fr\/publication\/a-peine-la-note-de-passage-pour-freeland\/","title":{"rendered":"\u00c0 peine la note de passage pour Freeland"},"content":{"rendered":"\n

Publi\u00e9 dans La Presse<\/a><\/em><\/p>\n\n\n\n

Dans les circonstances \u00e9conomiques actuelles, deux tests bien sp\u00e9cifiques attendaient la ministre Chrystia Freeland dans le cadre de la pr\u00e9sentation de son \u00e9nonc\u00e9 \u00e9conomique automnal : rassurer les march\u00e9s financiers en leur montrant que le gouvernement comprend l\u2019importance de la prudence budg\u00e9taire et offrir une r\u00e9ponse \u00e0 la strat\u00e9gie industrielle muscl\u00e9e des Am\u00e9ricains. Dans les deux cas, on fr\u00f4le dangereusement la note de passage. On s\u2019attendait clairement \u00e0 mieux.<\/p>\n\n\n\n

Sur la prudence budg\u00e9taire que la ministre s\u2019est \u00e9vertu\u00e9e \u00e0 promouvoir sur la place publique au cours des derni\u00e8res semaines, il y a un \u00e9cart consid\u00e9rable entre la rh\u00e9torique et la r\u00e9alit\u00e9 refl\u00e9t\u00e9e dans l\u2019\u00e9nonc\u00e9 \u00e9conomique.<\/p>\n\n\n\n

Des 30 milliards en revenus suppl\u00e9mentaires pour l\u2019exercice financier 2022-2023 (30 milliards, ce n\u2019est pas rien !), la ministre d\u00e9pensera pr\u00e8s de la moiti\u00e9 (45 %) pour l\u2019exercice en cours. On repassera pour la prudence.<\/p>\n\n\n\n

Qui plus est, la proportion des d\u00e9penses f\u00e9d\u00e9rales en proportion du PIB est maintenant bien ancr\u00e9e au-dessus de 16 % pour les cinq prochaines ann\u00e9es, un ratio que le gouvernement f\u00e9d\u00e9ral a atteint seulement lors la crise financi\u00e8re de 2008-2009 et au d\u00e9but des ann\u00e9es 1990, un \u00e9pisode douloureux qui avait conduit \u00e0 un redressement drastique des finances publiques par l\u2019ancien ministre des Finances Paul Martin. C\u2019est sans compter les d\u00e9penses \u00e0 venir en sant\u00e9, en d\u00e9fense, etc.<\/p>\n\n\n\n

Sur le plan des pr\u00e9visions \u00e9conomiques, l\u2019\u00e9nonc\u00e9 est empreint de jovialit\u00e9. Il ne pr\u00e9voit ni de r\u00e9cession majeure ni de hausse soutenue des taux d\u2019int\u00e9r\u00eat au cours des prochaines ann\u00e9es. En fait, la projection de croissance du PIB r\u00e9el sur les cinq prochaines ann\u00e9es est en moyenne plus g\u00e9n\u00e9reuse que celle que nous avons eue au cours des 20 derni\u00e8res ann\u00e9es ! \u00c0 la d\u00e9fense du gouvernement, les pr\u00e9visions sont \u00e9tablies par des \u00e9conomistes du secteur priv\u00e9, ceux-l\u00e0 m\u00eame qui nous ont dit que l\u2019inflation serait transitoire !<\/p>\n\n\n\n

Enjeu Panam\u00e9ricain <\/h2>\n\n\n\n

Dans sa conf\u00e9rence de presse mercredi, le gouverneur de la banque centrale am\u00e9ricaine, Jerome Powell, a \u00e9t\u00e9 sans \u00e9quivoque : pour ramener une inflation aussi soutenue sous contr\u00f4le, le taux directeur devra presque assur\u00e9ment d\u00e9passer 5 % aux \u00c9tats-Unis. Cela repr\u00e9sente un point de pourcentage de plus que ce l\u2019on croyait n\u00e9cessaire il y a quelques semaines \u00e0 peine.<\/p>\n\n\n\n

Lisez l\u2019article \u00ab La Fed rel\u00e8ve son taux de 0,75 point de pourcentage \u00bb<\/a><\/p>\n\n\n\n

Aux \u00c9tats-Unis comme au Canada, les adeptes du sc\u00e9nario de l\u2019atterrissage en douceur (soft landing<\/em>) se font de plus en plus rares : ramener une inflation aussi persistante \u00e0 sa fourchette de 1 \u00e0 3 % ne se fera pas sans heurts.<\/p>\n\n\n\n

Ceux et celles qui pensent qu\u2019il nous faut tol\u00e9rer une inflation plus \u00e9lev\u00e9e pour \u00e9viter une r\u00e9cession ont le devoir d\u2019expliquer en quoi l\u2019affaiblissement consid\u00e9rable du pouvoir d\u2019achat des Canadiens par rapport \u00e0 leurs revenus est un objectif \u00e9conomique souhaitable \u00e0 terme.<\/p>\n\n\n\n

Avenir incertain <\/strong><\/h2>\n\n\n\n

En d\u00e9finitive, les nuages s\u2019accumulent rapidement sur l\u2019horizon \u00e9conomique. Les risques restent \u00e9normes et la marge de man\u0153uvre budg\u00e9taire du gouvernement f\u00e9d\u00e9ral s\u2019est \u00e9vapor\u00e9e. Pour les prochaines ann\u00e9es, il ne pourra plus compter sur une croissance \u00e9conomique sup\u00e9rieure aux taux d\u2019int\u00e9r\u00eat que les march\u00e9s financiers lui exigeront pour refinancer sa dette. Cela aura pour impact d\u2019augmenter les co\u00fbts du financement de sa dette consid\u00e9rablement.<\/p>\n\n\n\n

Le deuxi\u00e8me test de la ministre \u00e9tait celui de l\u2019am\u00e9lioration de la comp\u00e9titivit\u00e9 \u00e9conomique canadienne. Avec l\u2019Inflation Reduction Act<\/em> et le Chips and Science Act<\/em> (d\u2019une valeur combin\u00e9e d\u2019environ 460 milliards de dollars am\u00e9ricains), personne ne doute plus de la robustesse de la strat\u00e9gie industrielle am\u00e9ricaine. La ministre Freeland a le m\u00e9rite d\u2019en reconna\u00eetre la port\u00e9e sur notre comp\u00e9titivit\u00e9 \u00e9conomique.<\/p>\n\n\n\n

Dans l\u2019\u00e9nonc\u00e9 de jeudi, elle pose les premiers jalons de la r\u00e9ponse canadienne en introduisant deux nouveaux cr\u00e9dits d\u2019imp\u00f4t cibl\u00e9s sur les technologies propres et l\u2019hydrog\u00e8ne. Elle nous annonce que des mesures additionnelles viendront au prochain budget. Soit, il faut donner la chance au coureur.<\/p>\n\n\n\n

Force est de constater cependant que depuis quelques budgets, le gouvernement Trudeau s\u2019\u00e9parpille en cr\u00e9ant de nouveaux fonds, structures, agences et disperse les milliards ici et l\u00e0. On a peine \u00e0 y voir une strat\u00e9gie industrielle cr\u00e9dible et bien ficel\u00e9e dans des secteurs de pointe pr\u00e9cis, avec des instruments clairs pour am\u00e9liorer notre comp\u00e9titivit\u00e9.<\/p>\n\n\n\n

Dans cet \u00e9nonc\u00e9 \u00e9conomique, il y a un sentiment de non-urgence qui agace. Avec un environnement \u00e9conomique aussi fragilis\u00e9 et instable, on aurait voulu voir le gouvernement davantage pr\u00e9occup\u00e9 par ses angles morts grandissants.<\/p>\n","protected":false},"author":234,"featured_media":8600,"template":"","post_types":[99],"topics":[84,67],"class_list":["post-13995","publication","type-publication","status-publish","has-post-thumbnail","hentry","post_types-lettres-dopinion"],"acf":[],"yoast_head":"\n\u00c0 peine la note de passage pour Freeland | Business Council of Canada<\/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:\/\/www.thebusinesscouncil.ca\/fr\/publication\/a-peine-la-note-de-passage-pour-freeland\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u00c0 peine la note de passage pour Freeland | Business Council of Canada\" \/>\n<meta property=\"og:description\" content=\"Publi\u00e9 dans La Presse Dans les circonstances \u00e9conomiques actuelles, deux tests bien sp\u00e9cifiques attendaient la ministre Chrystia Freeland dans le cadre de la pr\u00e9sentation de son \u00e9nonc\u00e9 \u00e9conomique automnal : rassurer les march\u00e9s financiers en leur montrant que le gouvernement comprend l\u2019importance...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.thebusinesscouncil.ca\/fr\/publication\/a-peine-la-note-de-passage-pour-freeland\/\" \/>\n<meta property=\"og:site_name\" content=\"Business Council of Canada\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-09T16:06:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.thebusinesscouncil.ca\/wp-content\/uploads\/2022\/07\/In-The-News_Computer_RobertAsselin.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1440\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@BizCouncilofCan\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.thebusinesscouncil.ca\\\/fr\\\/publication\\\/a-peine-la-note-de-passage-pour-freeland\\\/\",\"url\":\"https:\\\/\\\/www.thebusinesscouncil.ca\\\/fr\\\/publication\\\/a-peine-la-note-de-passage-pour-freeland\\\/\",\"name\":\"\u00c0 peine la note de passage pour Freeland | Business Council of Canada\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.thebusinesscouncil.ca\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.thebusinesscouncil.ca\\\/fr\\\/publication\\\/a-peine-la-note-de-passage-pour-freeland\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.thebusinesscouncil.ca\\\/fr\\\/publication\\\/a-peine-la-note-de-passage-pour-freeland\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.thebusinesscouncil.ca\\\/wp-content\\\/uploads\\\/2022\\\/07\\\/In-The-News_Computer_RobertAsselin.png\",\"datePublished\":\"2022-11-04T14:57:00+00:00\",\"dateModified\":\"2022-11-09T16:06:51+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.thebusinesscouncil.ca\\\/fr\\\/publication\\\/a-peine-la-note-de-passage-pour-freeland\\\/#breadcrumb\"},\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.thebusinesscouncil.ca\\\/fr\\\/publication\\\/a-peine-la-note-de-passage-pour-freeland\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\\\/\\\/www.thebusinesscouncil.ca\\\/fr\\\/publication\\\/a-peine-la-note-de-passage-pour-freeland\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.thebusinesscouncil.ca\\\/wp-content\\\/uploads\\\/2022\\\/07\\\/In-The-News_Computer_RobertAsselin.png\",\"contentUrl\":\"https:\\\/\\\/www.thebusinesscouncil.ca\\\/wp-content\\\/uploads\\\/2022\\\/07\\\/In-The-News_Computer_RobertAsselin.png\",\"width\":1440,\"height\":900},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.thebusinesscouncil.ca\\\/fr\\\/publication\\\/a-peine-la-note-de-passage-pour-freeland\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.thebusinesscouncil.ca\\\/fr\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"\u00c0 peine la note de passage pour Freeland\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.thebusinesscouncil.ca\\\/#website\",\"url\":\"https:\\\/\\\/www.thebusinesscouncil.ca\\\/\",\"name\":\"Business Council of Canada\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.thebusinesscouncil.ca\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.thebusinesscouncil.ca\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"fr-FR\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.thebusinesscouncil.ca\\\/#organization\",\"name\":\"Business Council of Canada\",\"url\":\"https:\\\/\\\/www.thebusinesscouncil.ca\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\\\/\\\/www.thebusinesscouncil.ca\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.thebusinesscouncil.ca\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/Business-Council-of-Canada-Generic.png\",\"contentUrl\":\"https:\\\/\\\/www.thebusinesscouncil.ca\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/Business-Council-of-Canada-Generic.png\",\"width\":1440,\"height\":900,\"caption\":\"Business Council of Canada\"},\"image\":{\"@id\":\"https:\\\/\\\/www.thebusinesscouncil.ca\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/x.com\\\/BizCouncilofCan\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/business-council-of-canda\",\"https:\\\/\\\/www.youtube.com\\\/user\\\/CdnCEOCouncil\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"\u00c0 peine la note de passage pour Freeland | Business Council of Canada","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.thebusinesscouncil.ca\/fr\/publication\/a-peine-la-note-de-passage-pour-freeland\/","og_locale":"fr_FR","og_type":"article","og_title":"\u00c0 peine la note de passage pour Freeland | Business Council of Canada","og_description":"Publi\u00e9 dans La Presse Dans les circonstances \u00e9conomiques actuelles, deux tests bien sp\u00e9cifiques attendaient la ministre Chrystia Freeland dans le cadre de la pr\u00e9sentation de son \u00e9nonc\u00e9 \u00e9conomique automnal : rassurer les march\u00e9s financiers en leur montrant que le gouvernement comprend l\u2019importance...","og_url":"https:\/\/www.thebusinesscouncil.ca\/fr\/publication\/a-peine-la-note-de-passage-pour-freeland\/","og_site_name":"Business Council of Canada","article_modified_time":"2022-11-09T16:06:51+00:00","og_image":[{"width":1440,"height":900,"url":"https:\/\/www.thebusinesscouncil.ca\/wp-content\/uploads\/2022\/07\/In-The-News_Computer_RobertAsselin.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_site":"@BizCouncilofCan","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.thebusinesscouncil.ca\/fr\/publication\/a-peine-la-note-de-passage-pour-freeland\/","url":"https:\/\/www.thebusinesscouncil.ca\/fr\/publication\/a-peine-la-note-de-passage-pour-freeland\/","name":"\u00c0 peine la note de passage pour Freeland | Business Council of Canada","isPartOf":{"@id":"https:\/\/www.thebusinesscouncil.ca\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.thebusinesscouncil.ca\/fr\/publication\/a-peine-la-note-de-passage-pour-freeland\/#primaryimage"},"image":{"@id":"https:\/\/www.thebusinesscouncil.ca\/fr\/publication\/a-peine-la-note-de-passage-pour-freeland\/#primaryimage"},"thumbnailUrl":"https:\/\/www.thebusinesscouncil.ca\/wp-content\/uploads\/2022\/07\/In-The-News_Computer_RobertAsselin.png","datePublished":"2022-11-04T14:57:00+00:00","dateModified":"2022-11-09T16:06:51+00:00","breadcrumb":{"@id":"https:\/\/www.thebusinesscouncil.ca\/fr\/publication\/a-peine-la-note-de-passage-pour-freeland\/#breadcrumb"},"inLanguage":"fr-FR","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.thebusinesscouncil.ca\/fr\/publication\/a-peine-la-note-de-passage-pour-freeland\/"]}]},{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/www.thebusinesscouncil.ca\/fr\/publication\/a-peine-la-note-de-passage-pour-freeland\/#primaryimage","url":"https:\/\/www.thebusinesscouncil.ca\/wp-content\/uploads\/2022\/07\/In-The-News_Computer_RobertAsselin.png","contentUrl":"https:\/\/www.thebusinesscouncil.ca\/wp-content\/uploads\/2022\/07\/In-The-News_Computer_RobertAsselin.png","width":1440,"height":900},{"@type":"BreadcrumbList","@id":"https:\/\/www.thebusinesscouncil.ca\/fr\/publication\/a-peine-la-note-de-passage-pour-freeland\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.thebusinesscouncil.ca\/fr\/"},{"@type":"ListItem","position":2,"name":"\u00c0 peine la note de passage pour Freeland"}]},{"@type":"WebSite","@id":"https:\/\/www.thebusinesscouncil.ca\/#website","url":"https:\/\/www.thebusinesscouncil.ca\/","name":"Business Council of Canada","description":"","publisher":{"@id":"https:\/\/www.thebusinesscouncil.ca\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.thebusinesscouncil.ca\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-FR"},{"@type":"Organization","@id":"https:\/\/www.thebusinesscouncil.ca\/#organization","name":"Business Council of Canada","url":"https:\/\/www.thebusinesscouncil.ca\/","logo":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/www.thebusinesscouncil.ca\/#\/schema\/logo\/image\/","url":"https:\/\/www.thebusinesscouncil.ca\/wp-content\/uploads\/2020\/10\/Business-Council-of-Canada-Generic.png","contentUrl":"https:\/\/www.thebusinesscouncil.ca\/wp-content\/uploads\/2020\/10\/Business-Council-of-Canada-Generic.png","width":1440,"height":900,"caption":"Business Council of Canada"},"image":{"@id":"https:\/\/www.thebusinesscouncil.ca\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/BizCouncilofCan","https:\/\/www.linkedin.com\/company\/business-council-of-canda","https:\/\/www.youtube.com\/user\/CdnCEOCouncil"]}]}},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/www.thebusinesscouncil.ca\/fr\/wp-json\/wp\/v2\/publication\/13995","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thebusinesscouncil.ca\/fr\/wp-json\/wp\/v2\/publication"}],"about":[{"href":"https:\/\/www.thebusinesscouncil.ca\/fr\/wp-json\/wp\/v2\/types\/publication"}],"author":[{"embeddable":true,"href":"https:\/\/www.thebusinesscouncil.ca\/fr\/wp-json\/wp\/v2\/users\/234"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thebusinesscouncil.ca\/fr\/wp-json\/wp\/v2\/media\/8600"}],"wp:attachment":[{"href":"https:\/\/www.thebusinesscouncil.ca\/fr\/wp-json\/wp\/v2\/media?parent=13995"}],"wp:term":[{"taxonomy":"post_types","embeddable":true,"href":"https:\/\/www.thebusinesscouncil.ca\/fr\/wp-json\/wp\/v2\/post_types?post=13995"},{"taxonomy":"topics","embeddable":true,"href":"https:\/\/www.thebusinesscouncil.ca\/fr\/wp-json\/wp\/v2\/topics?post=13995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}