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Government at a Glance

Latin America and the Caribbean 2014: Towards Innovative Public Financial Management

image of Government at a Glance

Latin American and Caribbean Government at a Glance offers a dashboard of more than 30 indicators to help decision makers and citizens analyze and benchmark government performance both within the LAC region and compared to the OECD countries. The publication focuses in four broad areas: budgeting practices; public sector pay and employment; public procurement and public finances. Furthermore, the policy chapter deepens in the budgetary and fiscal innovations which have taken place for the LAC region in the past years.

Despite the fact that the LAC region has not been so badly affected by the recent Global and Financial crisis, the Latin American an Carribbean Government at a Glance argues that governments need to be more inclusive, transparent, receptive and efficient. For that, they need to improve among other budgetary, employment and procurement practices, as well as increase the transparency levels.

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Special feature: Fiscal revenues from non-renewable natural resources in Latin America

On average, the LAC region grew at 3.5% between 2001 and 2011, a positive performance given the 2007-09 global financial crisis. This was in part driven by a commodities boom, thanks to increasing demand from other developing countries, such as China, which contributed to high prices and thus to GDP growth. Many LAC countries also introduced fiscal reforms that increased the state’s share of natural resource during 2003-08 boom period. Some LAC countries, particularly those with important mining sectors, have also introduced other appropriation mechanisms, including royalties and specific taxes, in order to guarantee that minimum payments are made for the resources.

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