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Preliminary Overview of the Economies of Latin America and the Caribbean 2023

14 December 2023 | Publication

The Preliminary Overview of the Economies of Latin America and the Caribbean, 2023 shows that economic activity in Latin America and the Caribbean is still on a path of low growth. For 2023, growth in all subregions is expected to be lower than in 2022. In 2024, the growth rate is expected to be lower than in 2023, with GDP growth and job creation slowing further. Importantly, the low growth projected in 2023 and 2024 is not just a temporary problem, but reflects the fall in the trend growth rate of regional GDP. As noted in this report, the region faces multiple challenges in boosting growth …

Economic Survey of Latin America and the Caribbean 2023. Financing a sustainable transition: investment for growth and climate change action

29 November 2023 | Publication

The 2023 edition of the Economic Survey of Latin America and the Caribbean, its seventy-fifth issue, consists of three parts. Part I outlines the region’s economic performance in 2022 and analyses trends in the early months of 2023, as well as the outlook for growth for the year and for 2024. It highlights the external and domestic factors that have influenced the region’s economic performance and how these factors will affect economic growth in the coming years. Part II of this edition analyses the macroeconomic repercussions of climate change on the economies of Latin America and the Caribbe…

Evaluation of tax expenditures: conceptual frameworks and international experiences

6 November 2023 | Publication

Tax expenditures are deviations from the benchmark tax system which provides preferential tax treatment. Governments use them to pursue different policy goals, such as boosting innovation, creating employment or greening the economy. Their fiscal cost can be significant since the global average revenue forgone, estimated at around 4% of GDP and 25% of tax revenue, has remained stable over the last 30 years. Evaluating tax expenditures against their stated policy objectives and the potential side effects or externalities they might trigger is a crucial step for the rationalization of tax expend…

Fiscal Panorama of Latin America and the Caribbean 2023: fiscal policy for growth, redistribution and productive transformation

15 May 2023 | Publication

In 2022, the fiscal situation in Latin America and the Caribbean was characterized by rising tax revenues and declining in public spending, resulting in smaller fiscal deficits. Nevertheless, public debt remains high. Against this backdrop, this edition of the Fiscal Panorama of Latin America and the Caribbean proposes a fiscal policy for growth, redistribution and productive transformation. It examines options for strengthening personal income tax, to boost its revenues and redistributive potential. In a context of mounting pressure on public spending, it is vital to take strategic approach, …

Measurement of tax expenditures in Latin America

1 December 2022 | Publication

The tax system is one of the main instruments used by the State to finance the provision of public goods and services. In the tax system, there are preferential treatments that seek to promote economic activity or support certain sectors. The public revenues forgone by these preferential treatments are known as tax expenditures. The volume of tax expenditures in Latin America is considerable. On average, they were equivalent to 3.8% of GDP and accounted for 20.6% of tax revenues in 2020. Given the need to promote a transformative recovery and finance the implementation of the Sustainable Devel…

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