Latin American Economic Outlook 2018

Rethinking Institutions for Development

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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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OECD Development Centre

The quality of government, as shown by the Quality of Government Index ranging from 0 to 1 and including measures of corruption, law and order, and bureaucracy quality, increased from 0.38 to 0.42 over 2005-15. Colombia has also had progress regarding its efforts to increase government data accessibility and availability, and to foster data re-use to deliver value, according to the OUR (Open, Useful, Reusable government data) index in 2015. With a score of 0.76 out of 1, Colombia ranks above both the LAC and OECD averages (0.44 and 0.56, respectively). Furthermore, the country has made some progress regarding its governance indicators.

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