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

Peru has made positive progress concerning governance over the last decade. Particularly, the country improved in terms of various governance indicators, namely government effectiveness, regulatory quality, political stability and voice and accountability. Peru has also improved relative to citizens’ trust in public institutions. Notably, 28% of people in Peru expressed confidence in the national government in 2016, an improvement from 2006 (17%), but still below the LAC average (29%) and the OECD average (37%). Similarly, confidence in the country’s judicial systems and courts improved by 7 percentage points, increasing from 14% to 21% over 2006-16, but still remains well below the LAC average in 2016 (34%). Over the same period, fewer people expressed the belief that corruption is widespread in the country. The share decreased from 89% to 83%, but still lies above the LAC average of 79%.

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