{"id":4513,"date":"2019-09-12T16:22:46","date_gmt":"2019-09-12T20:22:46","guid":{"rendered":"http:\/\/www.lba.ca\/?post_type=perspective&#038;p=4513"},"modified":"2020-11-25T15:38:49","modified_gmt":"2020-11-25T20:38:49","slug":"des-villages-aux-grandes-villes-1","status":"publish","type":"perspective","link":"https:\/\/www.lba.ca\/fr\/perspective\/des-villages-aux-grandes-villes-1\/","title":{"rendered":"Des villages aux grandes villes"},"content":{"rendered":"<p>[et_pb_section bb_built=\u00a0\u00bb1&Prime; fullwidth=\u00a0\u00bbon\u00a0\u00bb next_background_color=\u00a0\u00bb#000000&Prime; _builder_version=\u00a0\u00bb3.22&Prime; hover_enabled=\u00a0\u00bb0&Prime;][et_pb_fullwidth_header title=\u00a0\u00bbDes villages aux grandes villes\u00a0\u00bb background_overlay_color=\u00a0\u00bbrgba(0,0,0,0.55)\u00a0\u00bb _builder_version=\u00a0\u00bb4.0.2&Prime; title_text_shadow_horizontal_length=\u00a0\u00bbtitle_text_shadow_style,%91object Object%93&Prime; title_text_shadow_vertical_length=\u00a0\u00bbtitle_text_shadow_style,%91object Object%93&Prime; 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Associ\u00e9s Inc. est activement pr\u00e9sente sur les march\u00e9s \u00e9mergents depuis plus de 20 ans et bien plac\u00e9e pour ouvrir cet univers fascinant aux investisseurs.<\/li>\n<\/ul>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row custom_padding=\u00a0\u00bb|15px||15px\u00a0\u00bb _builder_version=\u00a0\u00bb3.26.3&Prime; box_shadow_color=\u00a0\u00bbrgba(0,0,0,0.13)\u00a0\u00bb width=\u00a0\u00bb95%\u00a0\u00bb width_tablet=\u00a0\u00bb80px\u00a0\u00bb width_phone=\u00a0\u00bb50px\u00a0\u00bb max_width_phone=\u00a0\u00bb1280px\u00a0\u00bb z_index_tablet=\u00a0\u00bb500&Prime; hover_enabled=\u00a0\u00bb0&Prime; box_shadow_horizontal_tablet=\u00a0\u00bb0px\u00a0\u00bb box_shadow_vertical_tablet=\u00a0\u00bb0px\u00a0\u00bb box_shadow_blur_tablet=\u00a0\u00bb40px\u00a0\u00bb box_shadow_spread_tablet=\u00a0\u00bb0px\u00a0\u00bb][et_pb_column type=\u00a0\u00bb4_4&Prime; _builder_version=\u00a0\u00bb3.0.47&Prime; custom_padding=\u00a0\u00bb|||\u00a0\u00bb hover_enabled=\u00a0\u00bb0&Prime; 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En 2019, environ 55\u00a0% des 7,5\u00a0milliards d\u2019\u00eatres humains habitent dans des villes. La Banque mondiale estime qu\u2019en 2050, les centres urbains abriteront pr\u00e8s de 70\u00a0% de la population humaine. Puisque 85\u00a0% des habitants de la plan\u00e8te vivent dans des pays en d\u00e9veloppement \u2014 o\u00f9 les femmes et les hommes se multiplient au double du taux des pays d\u00e9velopp\u00e9s \u2014 un nombre impressionnant de villageois se m\u00e9tamorphosent en urbains \u00e0 chaque jour qui passe.<\/p>\n<p>Comment les capitales en pleine expansion de pays comme le Br\u00e9sil, la Russie, l\u2019Inde et la Chine \u2014 sans compter les 20\u00a0autres pays formant les \u00ab\u00a0march\u00e9s \u00e9mergents\u00a0\u00bb \u2014 pourront-elles supporter un tel afflux de population? La r\u00e9ponse tient en trois mots\u00a0: \u00ab\u00a0infrastructures, infrastructures et infrastructures\u00a0\u00bb.<\/p>\n<h3>D\u00e9finition des infrastructures<\/h3>\n<p>Aux fins de notre analyse, les infrastructures incluent l\u2019ensemble des syst\u00e8mes, structures et services fondamentaux dont une soci\u00e9t\u00e9 a besoin non seulement pour fonctionner efficacement, mais aussi pour prosp\u00e9rer. \u00ab\u00a0Il s\u2019agit de routes goudronn\u00e9es bien entretenues que l\u2019on peut emprunter en toute confiance pour se d\u00e9placer d\u2019un endroit \u00e0 un autre\u00a0\u00bb, indique Rohit Khuller, gestionnaire de portefeuille principal comptant 20\u00a0ans d\u2019exp\u00e9rience au sein de Letko, Brosseau &amp; Associ\u00e9s Inc. dont il dirige les activit\u00e9s li\u00e9es aux march\u00e9s \u00e9mergents depuis 2011. \u00ab\u00a0Il s\u2019agit aussi de syst\u00e8mes amenant le gaz jusqu\u2019au po\u00eale domestique, et de r\u00e9seaux \u00e9l\u00e9mentaires d\u2019aqueduc et d\u2019\u00e9gout. Comment les pays en d\u00e9veloppement vont-ils composer avec une d\u00e9mographie dynamique alors qu\u2019une grande partie de leur population n\u2019a m\u00eame pas encore acc\u00e8s \u00e0 des toilettes propres?\u00a0\u00bb<\/p>\n<p>De toute \u00e9vidence, les nouvelles puissances \u00e9mergentes doivent am\u00e9liorer imm\u00e9diatement leurs infrastructures inad\u00e9quates pour r\u00e9pondre aux besoins fondamentaux actuels de leur population. Cela est d\u2019autant plus urgent que ces besoins iront bient\u00f4t croissant en raison de l\u2019urbanisation. Il faut aussi tenir compte d\u2019un fort effet domino. Consensus Economics signale qu\u2019en Inde, la classe moyenne devrait repr\u00e9senter 80\u00a0% de la population en 2030, contre \u00e0 peine 12\u00a0% en 2017. Ainsi, en plus d\u2019alourdir le fardeau qui p\u00e8se actuellement sur des infrastructures d\u00e9ficientes, d\u00e9faillantes et insuffisantes, la migration des villages vers les villes exigera \u00e0 terme une am\u00e9lioration et une expansion des syst\u00e8mes existants puisque les nouveaux citadins \u2014 qui obtiennent des emplois mieux r\u00e9mun\u00e9r\u00e9s et profitent d\u2019un revenu disponible plus \u00e9lev\u00e9 \u2014 voudront s\u2019offrir plus de biens, de services et de voyages. Bref, les tensions s\u2019accentuent de partout et ne sont pas pr\u00e8s de se r\u00e9sorber.<\/p>\n<h3>Actifs d\u2019infrastructures<\/h3>\n<p>Parmi le large \u00e9ventail d\u2019actifs d\u2019infrastructures que les pays \u00e9mergents doivent am\u00e9liorer pour r\u00e9pondre \u00e0 cette pouss\u00e9e d\u2019urbanisation et de consum\u00e9risme \u2014 et accro\u00eetre leur PIB par habitant \u2014 les transports et les services publics arrivent aux premi\u00e8res loges.<\/p>\n<p>Par exemple, le transport a\u00e9rien est encore tr\u00e8s peu utilis\u00e9 dans les pays \u00e9mergents. M.\u00a0Khuller rappelle qu\u2019\u00e0 peine deux ou trois pour cent des Indiens prennent l\u2019avion. \u00ab\u00a0\u00c0 mesure que les revenus augmentent, plus de gens pourront se le permettre. Nous devrons am\u00e9liorer et agrandir les a\u00e9roports existants \u2014 et m\u00eame en construire de nouveaux \u2014 pour absorber ce surcro\u00eet de trafic. Il faudra investir dans les pistes, les terminaux, la manutention des bagages et la s\u00e9curit\u00e9.\u00a0\u00bb<\/p>\n<p>Le m\u00eame principe s\u2019appliquant aux routes, chemins de fer et ports maritimes, les possibilit\u00e9s de croissance sont de toute \u00e9vidence importantes et vari\u00e9es. Par exemple, au Br\u00e9sil, moins de 15\u00a0% des routes sont goudronn\u00e9es et \u00e0 peine 1\u00a0% du r\u00e9seau routier est confi\u00e9 au secteur priv\u00e9; de m\u00eame, les ports sont congestionn\u00e9s et les chemins de fer d\u00e9suets. D\u2019apr\u00e8s la Banque mondiale, le co\u00fbt d\u2019exportation d\u2019un conteneur de 20\u00a0pieds \u2014 incluant les co\u00fbts de transport int\u00e9rieur et tous les frais connexes \u2014 est d\u2019environ 2\u00a0215\u00a0$ US au Br\u00e9sil, contre seulement 500\u00a0$\u00a0US en Chine.<\/p>\n<p>Les services publics d\u2019\u00e9lectricit\u00e9, d\u2019eau et d\u2019assainissement des pays \u00e9mergents pr\u00e9sentent des besoins tout aussi urgents. Toujours d\u2019apr\u00e8s la Banque mondiale, 1,2\u00a0milliard de personnes (tout juste moins d\u2019un cinqui\u00e8me de l\u2019humanit\u00e9) n\u2019ont pas acc\u00e8s \u00e0 l\u2019\u00e9lectricit\u00e9 et 2,8\u00a0milliards doivent s\u2019en remettre au bois, au charbon de bois, au fumier et au charbon pour la cuisine et le chauffage. Ces personnes sont expos\u00e9es \u00e0 la pollution atmosph\u00e9rique int\u00e9rieure, cause d\u2019environ quatre millions de d\u00e9c\u00e8s \u00e9vitables chaque ann\u00e9e.<\/p>\n<p>L\u2019Inde a l\u2019un des taux de consommation d\u2019\u00e9lectricit\u00e9 par habitant les plus faibles du monde \u2014 28\u00a0% du taux de la Chine et 6\u00a0% de celui des \u00c9tats-Unis. \u00ab\u00a0\u00c0 mon avis, il faudra des d\u00e9cennies de nouveaux investissements dans les installations \u00e9lectriques pour r\u00e9pondre aux besoins de base de la population indienne, souligne M.\u00a0Khuller. \u00c0 ma connaissance, aucun des 500\u00a0000\u00a0villages du pays ne dispose d\u2019une alimentation \u00e9lectrique ininterrompue sur une base quotidienne.\u00a0\u00bb Telle est la r\u00e9alit\u00e9 d\u2019aujourd\u2019hui. Dans les ann\u00e9es \u00e0 venir, l\u2019exode des populations des petites localit\u00e9s vers les grandes villes entra\u00eenera une augmentation exponentielle de la demande d\u2019\u00e9lectricit\u00e9. Comme le pr\u00e9cise M.\u00a0Khuller, \u00ab\u00a0si vous vivez dans une r\u00e9gion recul\u00e9e du Br\u00e9sil, de l\u2019Inde ou de la Chine, vous ne consommez pas autant d\u2019\u00e9lectricit\u00e9 ou de gaz que lorsque vous d\u00e9m\u00e9nagez dans un grand centre urbain.\u00a0\u00bb<\/p>\n<p>L\u2019eau propre \u2014 substance essentielle \u00e0 la vie dont l\u2019approvisionnement diminue d\u00e9j\u00e0 dans les pays d\u00e9velopp\u00e9s \u2014 se fait encore plus rare dans les pays \u00e9mergents. En Chine, 54\u00a0% des m\u00e9nages ne sont pas branch\u00e9s \u00e0 des r\u00e9seaux d\u2019aqueduc, 74\u00a0% n\u2019ont pas d\u2019installations de bain et 77\u00a0% sont priv\u00e9s de toilettes ad\u00e9quates ou non. Plus de 400 des 600\u00a0villes chinoises souffrent d\u2019une p\u00e9nurie d\u2019eau. Enfin, en raison d\u2019une croissance industrielle rapide, plus de la moiti\u00e9 des eaux us\u00e9es du pays sont rejet\u00e9es dans les fleuves et les mers sans avoir \u00e9t\u00e9 trait\u00e9es.<\/p>\n<p>\u00ab\u00a0Dans bien des pays \u00e9mergents, l\u2019acc\u00e8s \u00e0 l\u2019eau n\u2019est pas universel, en ce sens que les populations ne disposent pas d\u2019une eau potable propre sur demande 24\u00a0heures sur 24, souligne M.\u00a0Khuller. Dans les cas o\u00f9 l\u2019eau <em>est<\/em> disponible \u2014 trois ou quatre heures par jour \u2014 les gens doivent remplir rapidement leurs citernes et utiliser leurs r\u00e9serves avec parcimonie.\u00a0\u00bb<\/p>\n<p>La Banque mondiale pr\u00e9voit que 5,7\u00a0milliards de personnes vivront dans des zones disposant de sources limit\u00e9es d\u2019eau propre en 2050 et appelle donc \u00e0 un investissement imm\u00e9diat de 6,7\u00a0billions de dollars dans les infrastructures hydriques.<\/p>\n<h3>L\u2019occasion frappe \u00e0 la porte<\/h3>\n<p>Les investissements dans les infrastructures et les services publics des march\u00e9s \u00e9mergents offrent un excellent potentiel de rendement. Les perspectives \u00e9conomiques de ces pays font entrevoir une forte croissance des revenus et des b\u00e9n\u00e9fices. Cependant, la sensibilit\u00e9 aux prix jouera un r\u00f4le primordial dans le rendement \u00e0 long terme des placements et il faut \u00e9valuer avec soin les risques propres \u00e0 chaque entreprise, secteur et pays (situation politique, corruption, monnaie et gouvernance).<\/p>\n<p>Les march\u00e9s publics offrent un cadre liquide, r\u00e9glement\u00e9 et transparent pour investir dans les possibilit\u00e9s de croissance attrayantes des pays \u00e9mergents. Letko, Brosseau &amp; Associ\u00e9s Inc. est activement pr\u00e9sente sur les march\u00e9s \u00e9mergents depuis plus de 20 ans et bien plac\u00e9e pour ouvrir cet univers fascinant aux investisseurs.<\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=\u00a0\u00bb4.0.2&Prime; text_text_shadow_horizontal_length=\u00a0\u00bbtext_text_shadow_style,%91object Object%93&Prime; text_text_shadow_vertical_length=\u00a0\u00bbtext_text_shadow_style,%91object Object%93&Prime; text_text_shadow_blur_strength=\u00a0\u00bbtext_text_shadow_style,%91object Object%93&Prime; link_text_shadow_horizontal_length=\u00a0\u00bblink_text_shadow_style,%91object Object%93&Prime; link_text_shadow_vertical_length=\u00a0\u00bblink_text_shadow_style,%91object Object%93&Prime; link_text_shadow_blur_strength=\u00a0\u00bblink_text_shadow_style,%91object Object%93&Prime; ul_text_shadow_horizontal_length=\u00a0\u00bbul_text_shadow_style,%91object Object%93&Prime; ul_text_shadow_vertical_length=\u00a0\u00bbul_text_shadow_style,%91object Object%93&Prime; 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Associ\u00e9s Inc. \u00e0 titre indicatif seulement et ne vise pas \u00e0 fournir des conseils d\u2019ordre comptable, juridique ou fiscal ou des recommandations en mati\u00e8re de placement, et ne doit pas \u00eatre utilis\u00e9 comme tel. Lorsque les renseignements contenus dans le pr\u00e9sent document proviennent ou sont d\u00e9riv\u00e9s de sources externes, les sources dont ils proviennent sont consid\u00e9r\u00e9es comme \u00e9tant fiables, mais la soci\u00e9t\u00e9 n\u2019en a pas effectu\u00e9 une v\u00e9rification ind\u00e9pendante. Aucune repr\u00e9sentation ou garantie n\u2019est fournie quant \u00e0 l\u2019exactitude, l\u2019exhaustivit\u00e9 ou la fiabilit\u00e9 de ces renseignements. Les opinions ou estimations contenues dans le pr\u00e9sent rapport constituent notre jugement \u00e0 cette date et sont sujettes \u00e0 changement sans pr\u00e9avis. Le pr\u00e9sent document peut contenir certaines d\u00e9clarations prospectives qui refl\u00e8tent nos attentes actuelles ou pr\u00e9visions quant \u00e0 des titres et aux conditions de l\u2019\u00e9conomie et du march\u00e9. De par leur nature, les \u00e9nonc\u00e9s prospectifs sont assujettis, entre autres, \u00e0 des risques, des incertitudes et des hypoth\u00e8ses jug\u00e9s appropri\u00e9s dans les circonstances pouvant faire en sorte que les \u00e9v\u00e9nements ou r\u00e9sultats r\u00e9els diff\u00e8rent sensiblement de ceux exprim\u00e9s dans, ou sous-entendus par, lesdits \u00e9nonc\u00e9s. Ces \u00e9nonc\u00e9s peuvent aussi constituer l\u2019expression d\u2019opinions qui rev\u00eatent un caract\u00e8re sp\u00e9culatif et ne doivent pas \u00eatre consid\u00e9r\u00e9s comme des expos\u00e9s de faits.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>L\u2019humanit\u00e9 vit une mutation radicale dont l\u2019impact se fait fortement sentir aux quatre coins du monde. En 2019, environ 55\u00a0% des 7,5\u00a0milliards d\u2019\u00eatres humains habitent dans des villes. [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/www.lba.ca\/fr\/perspective\/des-villages-aux-grandes-villes-1\/\">Lire la suite&#8230;<\/a><\/p>\n","protected":false},"author":9,"featured_media":4504,"template":"landing-perspective-wCSS.php","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":""},"perspectives":[79],"class_list":["post-4513","perspective","type-perspective","status-publish","has-post-thumbnail","hentry","perspectives-recherche"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Des villages aux grandes villes - Letko, Brosseau &amp; Associ\u00e9s<\/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.lba.ca\/fr\/perspective\/des-villages-aux-grandes-villes-1\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Des villages aux grandes villes - Letko, Brosseau &amp; Associ\u00e9s\" \/>\n<meta property=\"og:description\" content=\"L\u2019humanit\u00e9 vit une mutation radicale dont l\u2019impact se fait fortement sentir aux quatre coins du monde. 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