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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Institutions to embrace a future of better jobs and greater well-being in Latin America and the Caribbean

OECD Development Centre

This chapter argues that discussion around rethinking institutions for development in the LAC region should be forward-looking. To feed this discussion, the first part focuses on the potential impact of technological change on the world of work and on economic activity. It also reflects on the institutional challenges to guarantee good quality jobs and economic opportunities in the context of the “fourth industrial revolution”. A forward-looking approach to policy making also demands a sustainable fiscal framework. This is the subject of the second part of the chapter, which analyses how to improve taxation to raise more revenues, how to improve spending and how to ensure the long-term sustainability of public finances.

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