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Latin American Economic Outlook 2018

Rethinking Institutions for Development

image of Latin American Economic Outlook 2018

The Latin American Economic Outlook 2018: Rethinking Institutions for Development focuses on how institutions can underpin the foundations of a long period of sustained and inclusive growth and increased well-being. The report begins with an overview of the main macroeconomic challenges, analysing the complex macroeconomic context in the Latin American and Caribbean (LAC) region, and exploring policy options to boost potential growth, with a particular focus on trade. It then analyses the link between low trust and society’s disconnection and dissatisfaction  with institutions and a number of long-standing, structural features of the region as well as more recent, contextual dynamics that are shaping LAC’s economy, society and politics . In this respect, the report examines how the social contract can be strengthened in LAC, mainly through a state that delivers and responds to citizens’ changing demands, as well as through policies and institutions which provide good and equal socio-economic opportunities in a rapidly changing global context.

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Chile

OECD Development Centre

The quality of government in Chile is high. According to the Quality of Government Index, which ranges from 0 to 1 and includes measures of corruption, law and order, and bureaucracy quality, Chile scores 0.75 out of 1. This is well above the LAC average (0.44) and similar to the OECD average (0.78). This score renders Chile as the country with the highest government quality in the region. In spite of this, and in line with the regional trend, there is a growing lack of trust in the national government; in 2016, only 20% of the population expressed confidence in this institution. Decreasing trust is largely associated with the perception of unequal opportunities across the population. According to the Anti-Corruption Policy index (from 0 to 10), Chile scores 9.0, above the LAC and OECD average of 5.12 and 6.91 respectively. However, 82% of Chileans perceived corruption as being widespread in 2016.

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