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Economic Survey of Latin America and the Caribbean 2016

The 2030 Agenda for Sustainable Development and the Challenges of Financing for Development

image of Economic Survey of Latin America and the Caribbean 2016

Published since 1948, This is the sixty-eighth edition of the Economic Survey of Latin America and the Caribbean, which corresponds to the year 2016, consists of three parts. Part I outlines the region’s economic performance in 2015 and analyses trends in the first half of 2016, as well as the outlook for the rest of the year. It examines the external and internal factors influencing the region’s economic performance and highlights some of the macroeconomic policy challenges that have arisen in an external context of weak growth and high levels of uncertainty. Part II analyses the challenges that the countries of Latin America and the Caribbean face at the domestic and international levels in mobilizing financing for development. On the domestic front, slower growth and tighter fiscal restrictions pose significant challenges for the mobilization of resources. Externally, the classification of many of the region’s countries in the middle-income category limits their access to concessional external financing or international support. Part III of this publication contains the notes relating to the economic performance of the countries of Latin America and the Caribbean in 2015 and the first half of 2016, together with their respective statistical annexes. The cut-off date for updating the statistical information in this publication was 30 June 2016.

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Evasion arising from international operations by multinational enterprises and high net worth individuals

Tax evasion is not just a domestic issue: the more a country is engaged in the world economy, the greater the potential erosion of its tax base —the problem of so-called fiscal termites. These termites exist because of the proliferation of avoidance mechanisms, making it helpful to differentiate between three sources of erosion: (a) the burgeoning of tax incentives already described, (b) profit shifting and aggressive tax planning and (c) illicit financial flows arising from international trade and capital movements.

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