AES 2023 - Discours d'ouverture / Session 1 : Les défis de la politique monétaire

The pace of global growth has tapered off since the crisis and the ensuing rebound. The concept of ‘secular stagnation’ was first used in 1938 by Alvin Hanson in reference to the American economy during the Great Depression. It refers to a situation where growth is slow over a protracted period, underemployment prevails and inflation is low. In such situations, the propensity to save tends to increase as a result of uncertainty and pessimism, and liquidity – which depends on interba ...

Guinea’s bauxite, Moroccan phosphates, Nigerian Bonny Light, Zambian copper, Côte d'Ivoire’s cocoa, Ethiopian coffee or Madagascar’s vanilla: all are examples demonstrating that raw materials have a dimension that is as global as it is local. Global by the markets on which they are traded, local by their quality, a key element of their price, and their macroeconomic impact, particularly for Africa. In line with the 2016 CyclOpe report, which celebrates three decades of existence thi ...