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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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Overview – Rethinking institutions for development: Towards a new state-citizens-market nexus

OECD Development Centre

In recent years, the growing disconnect between society and public institutions has become a common feature throughout Latin America and the Caribbean (LAC). Wellbeing and recent socio-economic gains, which have been extraordinary in the last 15 years, are at risk because of this divide that undermines the social contract. Demands from citizens for greater transparency and integrity, higher quality of key public services such as education and health, and more government openness are not being fully met. This results in decreasing levels of trust in institutions and erodes the social contract.

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