This document discusses fiscal policy challenges and opportunities in Latin America given recent economic slowdowns. It notes that while public education spending has increased to OECD levels, challenges around quality and equity remain. Infrastructure investment has been historically low across much of Latin America. Some countries like Chile and Colombia have seen private investment offset declines in public funding, while countries like Argentina, Brazil and Mexico drive lower regional trends. The document advocates for sector-specific skill development and policies to formalize labor markets and reduce informality, particularly among middle-income workers, in order to boost productivity.
Boosting private investment for growth and competitiveness in Argentina. A view from the OECD
OECD EMnet Business Meeting on Latin America
Buenos Aires, 14 November 2017
1. Growth in Latin America has slowed in recent years while political capital is limited.
2. The region is lagging in terms of productivity, skills development, infrastructure investment, and participation in global and regional value chains which has contributed to the middle-income trap.
3. While inequality has decreased with social programs and redistribution, challenges remain in terms of quality jobs, gender equality, and informality which hampers efforts for inclusive growth.
- Middle-income Asian economies face risks of experiencing a sustained slowdown in economic growth, falling into what is known as the "middle-income trap".
- Empirical analysis finds the probability of a marked, decade-long fall in growth is about 1.5 times higher for middle-income economies than for advanced or low-income countries.
- However, whether a country experiences a slowdown depends on the quality of its policies, institutions, and structural features like trade openness and infrastructure development. Strengthening these areas can help middle-income Asian economies avoid falling into the trap.
This document provides an overview of PROCOLOMBIA, the government agency that promotes exports, tourism, investment and industrial expansion in Colombia. It discusses PROCOLOMBIA's presence in Colombia and around the world. It also summarizes key facts about Colombia's investment environment, economic growth, macroeconomic stability, expanding middle class, competitive advantages, and rankings as one of the top destinations for foreign direct investment in the world.
The document provides an overview of Colombia's investment environment and business opportunities. Some key points:
- Colombia has a growing economy, reducing poverty and expanding middle class. GDP growth was 5.8% from 2010-2014, second highest in Latin America.
- Major sectors for investment include infrastructure, agriculture, mining, manufacturing, tourism and BPO. The country has free trade agreements with over 60 countries.
- Colombia has a low level of restrictions on foreign investment and has undertaken reforms to improve its business environment, being ranked among the top 20 destinations for foreign direct investment.
This document provides an overview of the investment environment and business opportunities in Colombia. It summarizes Colombia's strong economic growth and macroeconomic stability, highlighting sectors such as infrastructure, agriculture, mining, and tourism as top opportunities for foreign investment. The document also outlines Colombia's open investment policies and improving competitiveness according to international rankings.
This document summarizes a project on youth inclusion between the EU and OECD. It identifies key challenges facing youth globally, such as high unemployment, skills mismatches, and lack of participation in decision-making. The project aims to support countries in developing evidence-based youth policies and increasing youth involvement in national development. It will work with 10 selected countries in different regions to develop tools and country studies on youth well-being and policies. The project expects to produce national action plans and recommendations to better promote youth inclusion through international cooperation.
Boosting private investment for growth and competitiveness in Argentina. A view from the OECD
OECD EMnet Business Meeting on Latin America
Buenos Aires, 14 November 2017
1. Growth in Latin America has slowed in recent years while political capital is limited.
2. The region is lagging in terms of productivity, skills development, infrastructure investment, and participation in global and regional value chains which has contributed to the middle-income trap.
3. While inequality has decreased with social programs and redistribution, challenges remain in terms of quality jobs, gender equality, and informality which hampers efforts for inclusive growth.
- Middle-income Asian economies face risks of experiencing a sustained slowdown in economic growth, falling into what is known as the "middle-income trap".
- Empirical analysis finds the probability of a marked, decade-long fall in growth is about 1.5 times higher for middle-income economies than for advanced or low-income countries.
- However, whether a country experiences a slowdown depends on the quality of its policies, institutions, and structural features like trade openness and infrastructure development. Strengthening these areas can help middle-income Asian economies avoid falling into the trap.
This document provides an overview of PROCOLOMBIA, the government agency that promotes exports, tourism, investment and industrial expansion in Colombia. It discusses PROCOLOMBIA's presence in Colombia and around the world. It also summarizes key facts about Colombia's investment environment, economic growth, macroeconomic stability, expanding middle class, competitive advantages, and rankings as one of the top destinations for foreign direct investment in the world.
The document provides an overview of Colombia's investment environment and business opportunities. Some key points:
- Colombia has a growing economy, reducing poverty and expanding middle class. GDP growth was 5.8% from 2010-2014, second highest in Latin America.
- Major sectors for investment include infrastructure, agriculture, mining, manufacturing, tourism and BPO. The country has free trade agreements with over 60 countries.
- Colombia has a low level of restrictions on foreign investment and has undertaken reforms to improve its business environment, being ranked among the top 20 destinations for foreign direct investment.
This document provides an overview of the investment environment and business opportunities in Colombia. It summarizes Colombia's strong economic growth and macroeconomic stability, highlighting sectors such as infrastructure, agriculture, mining, and tourism as top opportunities for foreign investment. The document also outlines Colombia's open investment policies and improving competitiveness according to international rankings.
This document summarizes a project on youth inclusion between the EU and OECD. It identifies key challenges facing youth globally, such as high unemployment, skills mismatches, and lack of participation in decision-making. The project aims to support countries in developing evidence-based youth policies and increasing youth involvement in national development. It will work with 10 selected countries in different regions to develop tools and country studies on youth well-being and policies. The project expects to produce national action plans and recommendations to better promote youth inclusion through international cooperation.
This document summarizes investment opportunities in Colombia. It notes that Colombia has a dynamic and stable economy with a growing middle class, creating demand. It also has a pool of qualified Colombian companies and partners for international investors. There are diverse investment opportunities across many sectors. Colombia offers access to regional markets through its 10 trade agreements and strategic location. It has low barriers to foreign direct investment.
Colombia has experienced strong economic growth in recent years, with GDP growth over 4% annually from 2012-2013. Foreign direct investment in Colombia has also reached record levels, with FDI of US$16.3 billion in 2013. The country's stable macroeconomic environment, young population, and strategic free trade agreements contributing to access of major markets have supported its economic expansion and increasing competitiveness.
- Colombia has a dynamic and stable economy that is the 31st largest in the world and 4th largest in Latin America. It has seen strong and consistent GDP growth in recent years.
- The country has a growing middle class, reducing poverty, and a highly qualified workforce. It also has a strategic location that allows easy access to markets throughout North and South America.
- Colombia offers a variety of investment opportunities across multiple industries and regions. It has over 10 trade agreements providing access to international markets and is pursuing OECD membership to further open its economy.
This document provides an overview of investment opportunities in Colombia. It highlights Colombia's dynamic and stable economy, growing middle class, and diverse investment opportunities across multiple sectors. Colombia offers a strategic location in Latin America, a network of trade agreements, infrastructure development programs, and a business-friendly environment. The energy and infrastructure sectors are identified as areas of particular opportunity, with several examples of major international companies that have invested in these industries in Colombia.
Colombia has a dynamic and stable economy that is growing at a steady pace. It has a large and growing middle class, a diverse range of investment opportunities across many sectors, and a strategic location that allows it to access markets throughout Latin America and beyond through its network of trade agreements. Colombia offers low barriers to foreign direct investment, a supportive legal framework, and a pool of qualified local suppliers.
Colombia presents itself as an attractive investment destination with a dynamic and stable economy, a growing middle class, and diverse opportunities across many sectors. It has a trade platform with over 10 trade agreements and is strategically located for business in Latin America. Key strengths include consistent GDP growth, low inflation, a favorable regulatory environment, and major infrastructure investments. Multinational corporations are increasingly choosing Colombia for investment projects.
This document summarizes Colombia's investment environment and business opportunities. Key points include:
- Colombia has a dynamic and stable economy, with growing middle class driving demand. It offers diverse investment opportunities across many sectors.
- The country has trade agreements with over 10 partners, enabling access to third markets. Its strategic location also facilitates regional business.
- Colombia has a growing pool of qualified local companies that can partner with international investors. It has low barriers to foreign direct investment.
This document discusses Brazil's economic strengths and challenges. It notes that Brazil has experienced a significant drop in growth that risks keeping it in the middle income trap. Some of Brazil's strengths mentioned include its demographics, infrastructure gaps in areas like energy and transportation, and education challenges around equity and skills gaps. The document also discusses Brazil's fiscal policy challenges in reducing inequality given its weaker cash transfers and income taxes compared to other countries.
This document provides an overview of Colombia's investment environment and business opportunities. Some key points:
- Colombia has experienced strong and stable economic growth in recent years, with GDP growth averaging over 4% from 2010-2014. Inflation has been declining for over two decades.
- Major sectors attracting foreign investment include infrastructure, agriculture, oil/gas, manufacturing, tourism, and BPO/IT services. Bogota, Medellin and other cities provide investment opportunities across various industries.
- Colombia has pursued open trade and investment policies, with foreign direct investment inflows rising steadily in recent years to over $16 billion in 2014, increasingly in non-extractive sectors. The country aims to join the OECD
This document provides an overview of investment opportunities and the business environment in Colombia. Some key points:
- Proexport is the government agency that promotes foreign investment, exports, and tourism in Colombia.
- Colombia has a young and growing population, as well as access to both the Pacific and Atlantic oceans.
- The economy has grown steadily in recent years with inflation and unemployment decreasing. Foreign direct investment has also increased significantly.
- Infrastructure and access to markets have improved, with many international flights available.
Colombia offers diverse investment opportunities across many growing sectors like infrastructure, with billions being invested in roads, airports, ports, railways, and energy. The economy has seen strong and stable growth in recent years, with falling poverty and a growing middle class. Colombia has pursued trade agreements and regulatory reforms to improve its business environment and attract foreign investment, which has increased substantially. The country is well positioned geographically and economically within Latin America and as a gateway to the Pacific Alliance market.
Colombia is positioning itself as a global leader in the digital era by developing its software and IT services sector. It has a large, specialized talent pool and the government has implemented initiatives like Vive Digital to expand connectivity and digital skills training. The document highlights Colombia's competitive advantages for the IT sector such as its strategic location, economic growth, talent workforce, and initiatives to develop the outsourcing industry through programs offering scholarships and loans for IT education. Major industries in Colombia are increasingly demanding local IT services and solutions to optimize operations.
This document discusses an investment opportunity in Chile. It provides contact information for Fernando Gallardo Morgan of OPHALO 2001 SA DE CV in Mexico and Carlos Serrano of Cerrano& Asociados S.L. in Spain. It then discusses several advantages and opportunities for investment and trade between Chile and Thailand, including Chile's economic growth rates, global rankings, fiscal situation, and the recent free trade agreement signed between Chile and Thailand.
This document discusses an investment opportunity in Chile. It provides contact information for Fernando Gallardo Morgan of OPHALO 2001 SA DE CV in Mexico and Carlos Serrano of Cerrano& Asociados S.L. in Spain. It then discusses several advantages and opportunities for investment and trade between Chile and Thailand, including Chile's economic growth rates, global rankings, fiscal situation, and the recent free trade agreement signed between Chile and Thailand.
Youth, Skills and Entrepreneurship in Latin America and the Caribbean
Angel Melguizo and Paula Cerutti, OECD Development Centre
OAS Towards Concrete Solutions for Addressing Youth Employment in the Caribbean
December 6 2017, Barbados
Skills Gap - Canada - Commentary and Analysis - September 2018paul young cpa, cga
The role of government is defined the educational programs required to support the economy. Too many govts across
Canada have pushed programs that do not provide meaningful employment
The world continues to change as such governments need to address all their policies that support economic growth
Immigration should not be based on quota, but align where there voids in employment not filled by educational programs
Canada needs to become more competitive through reducing its reforming areas like taxation, regulations, trade/fipa deals and hydro rates.
All levels of government and the private sector need to fixed the education systems to ensure people have skills for today and tomorrow
This document summarizes key points from a presentation on navigating the global economy given by Angel Melguizo of the IDB. It discusses Latin America's current economic challenges, including low growth in 2015 and a slow cyclical recovery expected in 2016. It also notes heterogeneity between countries and that exiting the slowdown will not be fast. The presentation emphasizes the key role of fiscal policy, including both spending and improving low tax collection rates. It raises open questions around skills development, political will for reforms, and increasing regional economic integration.
This document summarizes investment opportunities in Colombia. It notes that Colombia has a dynamic and stable economy with a growing middle class, creating demand. It also has a pool of qualified Colombian companies and partners for international investors. There are diverse investment opportunities across many sectors. Colombia offers access to regional markets through its 10 trade agreements and strategic location. It has low barriers to foreign direct investment.
Colombia has experienced strong economic growth in recent years, with GDP growth over 4% annually from 2012-2013. Foreign direct investment in Colombia has also reached record levels, with FDI of US$16.3 billion in 2013. The country's stable macroeconomic environment, young population, and strategic free trade agreements contributing to access of major markets have supported its economic expansion and increasing competitiveness.
- Colombia has a dynamic and stable economy that is the 31st largest in the world and 4th largest in Latin America. It has seen strong and consistent GDP growth in recent years.
- The country has a growing middle class, reducing poverty, and a highly qualified workforce. It also has a strategic location that allows easy access to markets throughout North and South America.
- Colombia offers a variety of investment opportunities across multiple industries and regions. It has over 10 trade agreements providing access to international markets and is pursuing OECD membership to further open its economy.
This document provides an overview of investment opportunities in Colombia. It highlights Colombia's dynamic and stable economy, growing middle class, and diverse investment opportunities across multiple sectors. Colombia offers a strategic location in Latin America, a network of trade agreements, infrastructure development programs, and a business-friendly environment. The energy and infrastructure sectors are identified as areas of particular opportunity, with several examples of major international companies that have invested in these industries in Colombia.
Colombia has a dynamic and stable economy that is growing at a steady pace. It has a large and growing middle class, a diverse range of investment opportunities across many sectors, and a strategic location that allows it to access markets throughout Latin America and beyond through its network of trade agreements. Colombia offers low barriers to foreign direct investment, a supportive legal framework, and a pool of qualified local suppliers.
Colombia presents itself as an attractive investment destination with a dynamic and stable economy, a growing middle class, and diverse opportunities across many sectors. It has a trade platform with over 10 trade agreements and is strategically located for business in Latin America. Key strengths include consistent GDP growth, low inflation, a favorable regulatory environment, and major infrastructure investments. Multinational corporations are increasingly choosing Colombia for investment projects.
This document summarizes Colombia's investment environment and business opportunities. Key points include:
- Colombia has a dynamic and stable economy, with growing middle class driving demand. It offers diverse investment opportunities across many sectors.
- The country has trade agreements with over 10 partners, enabling access to third markets. Its strategic location also facilitates regional business.
- Colombia has a growing pool of qualified local companies that can partner with international investors. It has low barriers to foreign direct investment.
This document discusses Brazil's economic strengths and challenges. It notes that Brazil has experienced a significant drop in growth that risks keeping it in the middle income trap. Some of Brazil's strengths mentioned include its demographics, infrastructure gaps in areas like energy and transportation, and education challenges around equity and skills gaps. The document also discusses Brazil's fiscal policy challenges in reducing inequality given its weaker cash transfers and income taxes compared to other countries.
This document provides an overview of Colombia's investment environment and business opportunities. Some key points:
- Colombia has experienced strong and stable economic growth in recent years, with GDP growth averaging over 4% from 2010-2014. Inflation has been declining for over two decades.
- Major sectors attracting foreign investment include infrastructure, agriculture, oil/gas, manufacturing, tourism, and BPO/IT services. Bogota, Medellin and other cities provide investment opportunities across various industries.
- Colombia has pursued open trade and investment policies, with foreign direct investment inflows rising steadily in recent years to over $16 billion in 2014, increasingly in non-extractive sectors. The country aims to join the OECD
This document provides an overview of investment opportunities and the business environment in Colombia. Some key points:
- Proexport is the government agency that promotes foreign investment, exports, and tourism in Colombia.
- Colombia has a young and growing population, as well as access to both the Pacific and Atlantic oceans.
- The economy has grown steadily in recent years with inflation and unemployment decreasing. Foreign direct investment has also increased significantly.
- Infrastructure and access to markets have improved, with many international flights available.
Colombia offers diverse investment opportunities across many growing sectors like infrastructure, with billions being invested in roads, airports, ports, railways, and energy. The economy has seen strong and stable growth in recent years, with falling poverty and a growing middle class. Colombia has pursued trade agreements and regulatory reforms to improve its business environment and attract foreign investment, which has increased substantially. The country is well positioned geographically and economically within Latin America and as a gateway to the Pacific Alliance market.
Colombia is positioning itself as a global leader in the digital era by developing its software and IT services sector. It has a large, specialized talent pool and the government has implemented initiatives like Vive Digital to expand connectivity and digital skills training. The document highlights Colombia's competitive advantages for the IT sector such as its strategic location, economic growth, talent workforce, and initiatives to develop the outsourcing industry through programs offering scholarships and loans for IT education. Major industries in Colombia are increasingly demanding local IT services and solutions to optimize operations.
This document discusses an investment opportunity in Chile. It provides contact information for Fernando Gallardo Morgan of OPHALO 2001 SA DE CV in Mexico and Carlos Serrano of Cerrano& Asociados S.L. in Spain. It then discusses several advantages and opportunities for investment and trade between Chile and Thailand, including Chile's economic growth rates, global rankings, fiscal situation, and the recent free trade agreement signed between Chile and Thailand.
This document discusses an investment opportunity in Chile. It provides contact information for Fernando Gallardo Morgan of OPHALO 2001 SA DE CV in Mexico and Carlos Serrano of Cerrano& Asociados S.L. in Spain. It then discusses several advantages and opportunities for investment and trade between Chile and Thailand, including Chile's economic growth rates, global rankings, fiscal situation, and the recent free trade agreement signed between Chile and Thailand.
Youth, Skills and Entrepreneurship in Latin America and the Caribbean
Angel Melguizo and Paula Cerutti, OECD Development Centre
OAS Towards Concrete Solutions for Addressing Youth Employment in the Caribbean
December 6 2017, Barbados
Skills Gap - Canada - Commentary and Analysis - September 2018paul young cpa, cga
The role of government is defined the educational programs required to support the economy. Too many govts across
Canada have pushed programs that do not provide meaningful employment
The world continues to change as such governments need to address all their policies that support economic growth
Immigration should not be based on quota, but align where there voids in employment not filled by educational programs
Canada needs to become more competitive through reducing its reforming areas like taxation, regulations, trade/fipa deals and hydro rates.
All levels of government and the private sector need to fixed the education systems to ensure people have skills for today and tomorrow
This document summarizes key points from a presentation on navigating the global economy given by Angel Melguizo of the IDB. It discusses Latin America's current economic challenges, including low growth in 2015 and a slow cyclical recovery expected in 2016. It also notes heterogeneity between countries and that exiting the slowdown will not be fast. The presentation emphasizes the key role of fiscal policy, including both spending and improving low tax collection rates. It raises open questions around skills development, political will for reforms, and increasing regional economic integration.
Petrobras is a major Brazilian integrated energy company that has grown organically since its founding in 1953. It has transitioned from importing oil to achieving self-sufficiency through offshore discoveries. The Brazilian government maintains majority ownership and control while Petrobras has a diverse shareholder base and investment grade credit ratings. Petrobras operates across the oil and gas value chain with a focus on deepwater exploration and production, refining for the domestic market, gas infrastructure, and biofuels.
Latin America is ethnically diverse, with populations descended from indigenous peoples, Europeans, Africans, and immigrants from various parts of the world. While over 90% of Latin Americans are Catholic due to European colonization, the region has a history of European exploitation of resources and peoples, including the genocide of millions of Native Americans and enslavement of Africans over 300 years. In the 19th century, disease and violence had wiped out much of the indigenous population. Some countries gained independence in the early 19th century through wars of liberation against European powers, but economic and political instability continued until recent decades. Regional differences exist, such as Brazil's growing economy versus Bolivia's poverty.
The document discusses the spread of religion, culture, and traditions throughout Latin America. It notes that when Europeans colonized the region, they brought Christianity and converted many native peoples, though Catholicism and Protestantism also blended with indigenous and African religious practices. The text also describes Latin American influences in music, family structures, gender roles, education, healthcare challenges, and passion for soccer.
Este documento presenta una introducción al concepto de mercado y sus diferentes tipos, así como los métodos para identificar oportunidades de mercado como la penetración, desarrollo de mercado, desarrollo de producto y diversificación. También resume los objetivos e importancia de la investigación de mercado y los tipos de segmentación, concluyendo con 10 puntos clave sobre el marketing.
This document summarizes tax revenue data in Latin America from 1990-2015. It finds that while tax revenues as a percentage of GDP have increased, they remain below OECD levels. Tax structures rely heavily on indirect taxes like VAT rather than personal income taxes. Personal income tax collection is low compared to corporate income tax. Informality is widespread, especially among low-income workers, and tax costs are a factor. The document argues for tax reforms to strengthen personal income taxes and make them more progressive, while revising non-wage labor costs to encourage formalization.
Sharing the benefits of growth more widely Costa Rica 2018 OECD Economic SurveyOECD, Economics Department
This document summarizes key points from an OECD Economic Survey of Costa Rica in 2018. It finds that while Costa Rica has impressive social achievements in education, health, and poverty reduction, it faces challenges with inequality, low employment rates, high unemployment especially among youth and low-skilled workers, and low labor productivity. Fiscal performance is deteriorating with growing debt levels. Recommendations include implementing immediate measures to reduce the budget deficit, reforming the public sector, further increasing tax revenues, and fostering competition through reducing barriers in product markets.
SMEs in Latin America - Present and futureAngelMelguizo
This document discusses the challenges facing small and medium enterprises (SMEs) in Latin America and the Caribbean. It notes that while SMEs make up a large share of businesses as in developed countries, they tend to remain small and less productive than larger firms. The main challenges identified are an unsupportive business environment, lack of access to financing, insufficient human capital and skills training, low levels of innovation, and high rates of informality. The document argues that comprehensive reforms are needed to strengthen education and skills development, improve access to financing, and implement new productive development policies to better support SME growth and competitiveness in the region.
- Latin America faces challenges with productivity and skills gaps that are hindering economic growth. While some countries have experienced success with vocational education models focused on specific industries, Latin America overall has low skills employment and limited on-the-job training.
- There are open questions around how to better quantify skill needs, engage the private sector, reach informal workers, and evaluate the impacts and financing of vocational education policy options to help address Latin America's productivity challenges.
Towards Inclusive Growth in Latin America
The Latin American and the Caribbean Context
OECD Latin America and the Caribbean Regional Programme
3rd Meeting of the Steering Group
December 6, 2016 - Santiago de Chile
The document is an OECD economic survey of Chile that makes several recommendations. It finds that while growth has been resilient, inequality remains high due to uneven opportunities in education and the labor market. It recommends strengthening social policies and spending to promote greater inclusion, expanding early childhood education, boosting skills development, and improving productivity through initiatives like increasing R&D spending and reducing business regulations.
Costa Rica 2016 Economic Assessment making Costa Rica more productive and inc...OECD, Economics Department
Costa Rica has made progress in raising living standards and managing natural resources well. Current challenges include restoring fiscal sustainability by implementing tax reforms, making growth more inclusive by improving access to childcare and reducing inequality, and boosting productivity through greater investment in R&D and reducing barriers to competition.
This document discusses inequality, redistribution, and fiscal policy in Latin America. It finds that while inequality has decreased in most Latin American countries since 2002, income remains highly concentrated among the top 1% and 10% of earners. It also finds that fiscal policy, particularly personal income tax policy, has had a limited impact on redistribution due to low tax burdens, an unbalanced tax structure reliant on consumption taxes, narrow tax bases, and low average tax rates on the highest incomes. The document analyzes potential reforms to personal income tax structures and rates that could increase tax progressivity and the redistributive impact of fiscal policy.
1) Inequality is very high in Latin America according to Gini coefficient measures, higher than OECD levels, due to weaker redistribution through taxes and social services.
2) Education systems in Latin America lag in performance and reproducing inequalities, with student performance closely correlated with socioeconomic background.
3) A growing middle class in Latin America is largely informal and unsatisfied with public services, calling for policies to formalize labor markets and strengthen social contracts through improved access to healthcare, education and other services.
A view on Latin America and Brazil: 'Better, but not good enough. Let’s go structural'
III Seminario LATAM Câmara de Comércio da Espanha no Brasil
Sao Paulo, March 16 2018
Apresentação em inglês, do diretor do Centro de Desenvolvimento da OCDE, Mario Pezzini, sobre as perspectivas de desenvolvimento global 2013 e velocidade das políticas industriais num mundo em mudança. Apresentação mostrada na “Conferência Internacional sobre Sustentabilidade e Promoção da Classe Média”, ocorrida em 25 de setembro de 2013. Veja mais na matéria: http://ow.ly/poL9G
- The document summarizes the evolving global economic outlook, with a focus on China's "new normal" of slower but more sustainable growth and its relevance for Mongolia.
- It finds that China is transitioning from investment and export-led growth to a growth model driven more by consumption and services. This has significant implications for commodity exporters and trading partners like Mongolia.
- Mongolia has become heavily dependent on China for trade and investment, so China's economic rebalancing poses challenges and opportunities for Mongolia's economy.
Pacific Alliance and Observer Countries: An Agenda for cooperation
Vocational education and training: the role of skills and quality of education
Sebastian NIeto Parra OECD Development Centre
Investment attraction and innovation policy, combine to create a favorable bu...cgrowth
This document discusses investment attraction and innovation policy in Peru. It provides context on the global and Latin American economies following the 2008 financial crisis. Some key points:
- Emerging economies recovered faster than advanced economies from the crisis. Latin America saw strong growth of 6.1% in 2010 led by Peru, Brazil, Chile and Colombia.
- Peru has solid economic fundamentals including investment grade credit ratings, low inflation, and continual improvement in its business climate ranking.
- The document outlines Peru's strengths as an investment destination such as natural resources, infrastructure needs, positive international perceptions, and stable macroeconomic policies supportive of private investment.
Indonesia OECD Economic Survey 2018 promoting a more inclusive and resilient ...OECD, Economics Department
The document discusses promoting a more inclusive and resilient economy in Indonesia. It notes that living standards and access to infrastructure have risen, and poverty has receded, but pervasive informality traps many in low-quality jobs. It recommends deepening domestic financial markets, improving targeting of social assistance, reforming state-owned enterprises, and improving skills training to make the economy more resilient and inclusive. Two thematic chapters focus on raising revenues to meet spending needs and developing a stronger and sustainable tourism sector.
Since 2000, the quality of life of Colombians has improved markedly. Macroeconomic and social policies have sustained strong GDP growth and reduced poverty.
Economies around the world face headwinds to rapid growth: volatile commodity prices, slowing trade and sluggish productivity growth. What are the critical drivers of competitiveness and productivity in France, Europe and elsewhere? How can we ensure that growth is both robust and socially inclusive? What will be the impact of the latest technologies on lives and livelihoods?
Presentation made by World Economic Forum
Latin America and the Caribbean: Challenges and Opportunities in a Time of Cr...CEPAL, Naciones Unidas
Presentación de la Secretaria Ejecutiva de la CEPAL, Alicia Bárcena, Woodrow Wilson International Center for Scholars, Washington, 11 de septiembre de 2009.
El documento presenta una visión de UNESCO sobre el desarrollo de una inteligencia artificial ética y sostenible. Propone tres pilares de acción: conectividad, habilidades y regulación inteligente. También discute los principales argumentos en contra de regular la IA y presenta la Recomendación de UNESCO sobre la Ética de la IA, con énfasis en la protección de datos, no vigilancia y cooperación internacional. Finalmente, describe iniciativas de UNESCO para implementar esta visión trabajando con países, empresas y otros actores.
Este documento discute el impacto económico de la pandemia de COVID-19 en América Latina y el Caribe, y propone tres pilares clave para la recuperación económica a través de la transformación digital: conectividad, habilidades y regulación inteligente. También aborda desafíos como la representatividad de los datos de entrenamiento y los sesgos en los modelos de IA, y recomienda el uso responsable de datos y la auditoría de algoritmos.
Rules, institutions, or both? Explaining telecommunication investment in Lati...AngelMelguizo
Good institutions and regulations are key to explaining telecommunications investment levels in Latin America. The analysis found that countries with good institutions saw higher investments than those with bad institutions, and the same was true for countries with good regulations versus bad regulations. Having both good institutions and regulations led to the highest investment levels. On the regulatory side, improving cybersecurity, IP protection and competition were priorities. For institutions, reducing corruption and undue influence while strengthening security would most boost investment. The results suggest both modernizing regulations and building quality institutions are needed to accelerate telecom investment in Latin America.
Perspectivas Económicas de América Latina 2018
Repensando las instituciones. Un foco en Colombia
Ángel Melguizo
Jefe para América Latina y el Caribe
Sebastian Nieto-Parra
Jefe adjunto para América Latina y el Caribe
Centro de Desarrollo, OCDE
Universidad del Rosario, Bogotá 24 Julio 2018
The document presents 11 charts that summarize key economic trends in Latin America. It shows that while Latin America's growth has lagged behind the OECD average since the global financial crisis, protectionism and financial volatility have decreased in recent years. Commodity prices and productivity measures like education and rule of law vary widely in the region. Trade and economic integration have increased, but trust in institutions remains lower than in Southeast Asia and OECD countries. Adoption of new technologies also differs significantly within Latin America.
El documento describe el Estudio Multidimensional País (EMD) de la OCDE, un nuevo enfoque para el desarrollo sostenible. El EMD analiza las interacciones entre áreas de políticas públicas para identificar sinergias y secuenciar recomendaciones. El proceso de 12 meses incluye análisis inicial, recomendaciones detalladas y apoyo a la implementación. El EMD ha sido aplicado en varios países para desarrollar estrategias nacionales integrales.
Comentarios sobre BID (2017), Aprender mejor. Políticas públicas para el desarrollo de habilidades
XLVI Meeting of the Network of Central Banks and Finance Ministers
IDB Regional Policy Dialogue
Washington DC - October 12 2017
Hacia una Colombia más competitiva
Prioridades para superar la trampa de ingreso medio
¿Qué tan competitivos somos? Una comparación con las mejores prácticas
Foro internacional CEPEC, Universidad del Rosario
Bogotá, 5 de octubre de 2017
Hacia una globalización que funcione para todos.
Un foco en Latinoamérica
El proteccionismo en la era digital
XVI Encuentro Santander America
Madrid, 5 de Julio de 2017
El documento presenta las perspectivas económicas de América Latina en 2017, con un enfoque en México. Señala que América Latina ha iniciado una recuperación cíclica mientras que México se ha estabilizado, pero el contexto internacional sigue siendo débil. El reto principal es aumentar la productividad para reducir la pobreza y fortalecer la clase media, lo que requiere invertir en capital físico y humano bajo un marco fiscal creíble. La inclusión juvenil es clave, aunque en la reg
Este documento presenta las perspectivas económicas de América Latina para 2017, centrándose en la juventud, las competencias y el emprendimiento. Señala que la región enfrenta desafíos macroeconómicos como un lento crecimiento mundial, precios bajos de las materias primas y alta volatilidad financiera. También destaca la oportunidad que representa la gran población joven, pero advierte que muchos jóvenes se enfrentan al desempleo y la falta de oportunidades. El documento conclu
Informality in Latin America: Taxes and beyond
III CAF-Oxford Conference Understanding the Challenges of Informality in Latin America
St Antony’s College, University of Oxford - Nov 4, 2016
Retos en el panorama laboral de América Latina
IX Conferencia Iberoamericana de Ministros de Trabajo y Seguridad Social
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Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
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Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
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Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
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ESADE_PoliticalEconomyLAC
1. Latin America — The Political Economy of The
Possible or of The Impossible?
Fiscal policy in slowdown times
Angel Melguizo
OECD Development Centre
Latin American Economies in a Globalised World
ESADE – June 3 2015
2. Latin American Economic Outlook
1 Short-term slowdown, medium-term reforms?
More than revenues: Fiscal policy for development2
Latin America – Fiscal policy in slowdown times
Enabling tax reforms3
3. Growth forecasts for LAC have adjusted downwards…
3
Source: OECD Economic outlook 2014. For LAC, IMF and Consensus Forecast
GDP Growth (% annual)
-4
-2
0
2
4
6
8
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
%
OECD Latin America and the Caribbean
4. Source: OECD Economic Outlook 2015, OECD Secretariat forecasts and Consensus (Venezuela)4
GDP growth in selected LAC countries (% annual)
…with significant variation across countries
-8
-6
-4
-2
0
2
4
6
8
Argentina Brazil Chile Colombia Costa Rica Mexico Peru Venezuela
2002-2013 2014 2015 2016
5. Note: Output gap calculated with HP filter and IMF forecasts (April 2015)
Source: OECD Development Centre5
2015 Cyclical position (selected countries; output gap)
The cyclical position of LAC is difficult to determine…
BRIICS
America Latina España
Italia
Francia
Reino Unido
Alemania
EEUU
Japon
-0.04
-0.03
-0.02
-0.01
0
0.01
0.02
0.03
0.04
Crecimiento por encima de la
tendencia
6. 6
… in fact, there are “several Latin Americas”
Argentina
The Bahamas
Barbados
Bolivia
Brazil
Chile
Costa Rica
Colombia
Dominican Republic
Ecuador
El Salvador
Guatemala
Honduras
Jamaica
Mexico
Nicaragua
Panama
Paraguay
Peru
Trinidad and Tobago
Uruguay
Venezuela
-0.04
-0.03
-0.02
-0.01
0
0.01
0.02
0.03
0.04
Series1
Argentina
The Bahamas
Barbados
Bolivia
Brazil
Chile
Colombia
Costa Rica
Dominican Republic
Ecuador
El Salvador
Guatemala
Honduras
Jamaica
Mexico
Nicaragua
Panama
Paraguay
Peru
Trinidad and Tobago
Uruguay
Venezuela
2015 Cyclical position (selected countries; output gap)
Note: Output gap calculated with HP filter and IMF forecasts (April 2015)
Source: OECD Development Centre
7. 7
Less so in terms of trend growth
Argentina
Colombia
Peru
Chile
Costa Rica
Brazil
Mexico
Venezuela
-0.1
-0.08
-0.06
-0.04
-0.02
0
0.02
0.04
0.06
0.08
0.1
LAC 7 and Costa Rica
Cycle 2015
Argentina forecasts
Colombia forecasts
Peru forecasts
Chile forecasts
Mexico forecasts
Brazil forecasts
Costa Rica forecasts
Venezuela forecasts
2015-2017 Cyclical position - LAC (selected countries; output gap)
Note: Output gap calculated with HP filter and IMF forecasts (April 2015)
Source: OECD Development Centre
8. The Middle Income Trap is a persistent phenomenon for the entire
region
Middle Income Trap in LAC and selected OECD countries
(per capita GDP, 1990 USD PPP)
Source: OECD-CAF-ECLAC (2014), Latin American Economic Outlook 20158
0
5000
10000
15000
20000
25000
CHL URY ARG VEN CRI MEX COL BRA PERU DOM COR IRL ESP
1950
RB
RA
RB
RM
RA
9. Source: OECD-CAF-ECLAC (2014), Latin American Economic Outlook 20159
0
5000
10000
15000
20000
25000
CHL URY ARG VEN CRI MEX COL BRA PERU DOM COR IRL ESP
1980 1950
RB
RM
RA
Middle Income Trap in LAC and selected OECD countries
(per capita GDP, 1990 USD PPP)
The Middle Income Trap is a persistent phenomenon for the entire
region
10. The Middle Income Trap is a persistent phenomenon for the entire
region
10
0
5000
10000
15000
20000
25000
CHL URY ARG VEN CRI MEX COL BRA PERU DOM COR IRL ESP
2013 1980 1950
RB
RM
RA
Middle Income Trap in LAC and selected OECD countries
(per capita GDP, 1990 USD PPP)
Source: OECD-CAF-ECLAC (2014), Latin American Economic Outlook 2015
11. Latin America in Shifting Wealth: more an spectator than an actor
Contribution to global growth (%)
50%
19%
8%
4%
1%
18%
1990-1995
32%
41%
9%
6%
3%
9%
2005-2012
Economies avancées Asie émergente Amérique latine
Moyen Orient et Afrique du Nord Afrique subsaharienne Reste du monde
Source: OECD-CAF-ECLAC (2013), Latin American Economic Outlook 201411
12. Productivity is not everything, but in the long run is almost everything
(P. Krugman)
Source: Melguizo, A. y J.R. Perea (2015), “Skill gaps in emerging economies: An empirical
analysis”, Working Papers, OECD Development Centre.
Labour productivity in selected Latin American and Asian countries
(% of US productivity, 5-year moving average, PPP)
12
0%
10%
20%
30%
40%
50%
60%
70%
1954 1958 1962 1966 1970 1974 1978 1982 1986 1990 1994 1998 2002 2006 2010
Chile
Corea
AL-7
Colombia
China
Mexico
13. The region stands out in income inequality
13
Source: OECD (2014), “Does income inequality hurt economic growth?”, Focus in Inequality and Growth.
Inequality in Chile, Mexico, the US and the OECD
(Gini of income inequality)
0.20
0.25
0.30
0.35
0.40
0.45
0.50
0.55
1975 1980 1985 1990 1995 2000 2005 2010
Ginicoefficientofincomeinequality
14. Inequality is similar in OECD and Latin America before paying taxes
and getting transfers and services
14 Source: ECLAC (2014), El impacto distributivo de la accion fiscal en America Latina.
Inequality in Latin America and the OECD
(Gini indexes before direct taxes, education and health services)
0.2
0.3
0.4
0.5
0.6
ARG
BOL
BRA
CHL
COL
CRI
ECU
SLV
HND
MEX
NIC
PAN
PAR
PER
DOM
URY
OECD
15. Redistribution in Latin America is much weaker
15
Inequality in Latin America and the OECD
(Gini indexes before and after direct taxes, education and health services)
0.2
0.3
0.4
0.5
0.6 ARG
BOL
BRA
CHL
COL
CRI
ECU
SLV
HND
MEX
NIC
PAN
PAR
PER
DOM
URY
OECD
Market income Disposable extended income
Source: ECLAC (2014), El impacto distributivo de la accion fiscal en America Latina.
16. 16
Macroeconomic outlook: some policy implications
• Short-term measures to face the slowdown:
• Recover fiscal space through tax base expansion and
expenditure containment
• Countercyclical monetary policy
• Long-term policies to expand potential growth
• The political economy of reforms: is the momentum over after 14
presidential elections 2012-2014?
17. Latin American Economic Outlook
1 Short-term slowdown, medium-term reforms?
More than revenues: Fiscal policy for development2
Latin America - fiscal policy in times of economic slowdown
Enabling tax reforms3
Education
Infrastructures
Fiscal policy
18. Fiscal policy for development – I. Education
Public expenditure has converged with OECD average …
18
Source: OECD-CAF-ECLAC (2014), Latin American Economic Outlook 2015, with data from UNESCO Institute for Statistics
Public expenditure in education by category, LAC and OECD
(% GDP, circa 2012)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
PAN PER GTM SLV ECU PRY CRI COL CHL DOM MEX VEN BOL BRA ARG ALC OCDE
Secundaria
Primaria
Pre-primaria
19. Fiscal policy for development – I. Education
…there are still challenges related to quality and equity
Performance and equity in secondary education
HKG
MAC
CHL
FIN
KOR
MEX
ARG
BRA
COL
CRI
PER
URY
Otros
OCDE
AL
350
400
450
500
550
600
650
0 5 10 15 20 25 30 35 40 45 50
Porcentaje de variación del desempeño en matemáticas explicado por el estatus económico, social y cultural del estudiante y de
la escuela
Desempeño en matemáticas, puntos de PISA 2012
Source: OECD-CAF-ECLAC (2014), Latin American Economic Outlook 2015, with data from PISA database
20. Fiscal policy for development – I. Education
It is critical to invest in education for work
20
Firms that consider the lack of adequately trained workforce a key constraint to
their performance (% formal firms, circa 2010)
35.9
22.3 21.5 20.9
17.4
14.8
13.6
0
5
10
15
20
25
30
35
40
América Latina y
el Caribe
África Sub-
sahariana
Asia-Este y
Pacífico
Media mundial Asia-Sur OCDE Europa-Este y
Asia-Central
%
Source: OECD-CAF-ECLAC (2014), Latin American Economic Outlook 2015
21. Fiscal policy for development – I. Education
Lack of or inadequate skills represents an important restriction
Firms that consider the lack of adequately trained workforce a key constraint to their
performance – LAC and OECD (% formal firms, circa 2010)
0
10
20
30
40
50
60
70
80
BRA ARG PRY COL CRI BOL DOM ALC ECU GTMMEX SLV PER HND BLZ VEN NIC JAM PANOCDEKOR
21 Source: OECD-CAF-ECLAC (2014), Latin American Economic Outlook 2015
22. Fiscal policy for development – I. Education
Sector-specific skill development policies are crucial
Firms that consider the lack of adequately trained workforce a key constraint to their
performance – Colombia (% formal firms, circa 2010)
0
5
10
15
20
25
30
35
40
45
50
Metales
básicos
Metales
elaborados
Maquinaria Alimentación Automoción Productos
químicos
Textil Muebles
22 Source: OECD-CAF-ECLAC (2014), Latin American Economic Outlook 2015
23. Fiscal policy for development – I. Education
High informality is reflects low productivity...
Source: BID, IDB Labor Markets and Social Security Information System (SIMS)
Labor informality in Latin America
(% workers 15-64 years old who do not contribute to a pension scheme, circa 2013)
ALC-19, 55%
0
10
20
30
40
50
60
70
80
90
HND NIC BOL GTM PER PRY SLV MEX ECU VEN DOM COL JAM ARG PAN BRA CHL CRI URY
23
24. Fiscal policy for development – I. Education
… concentrated over self-employed, SMEs and low & middle income
Labor informality in Latin America, by occupation and income
(% workers 15-64 years old who do not contribute to pension scheme, LAC-19, circa 2010)
Source: Bosch, M., A. Melguizo and C. Pagés (2013), Better pensions, better jobs. IADB24
0%
20%
40%
60%
80%
100%
D1 D2 D3 D4 D5 D6 D7 D8 D9 D10
Pequeña (2-5) Mediana (6-50)
Grande (50 +)
0%
20%
40%
60%
80%
100%
D1 D2 D3 D4 D5 D6 D7 D8 D9 D10
Independientes (cuenta propia y patrones) Asalariados
25. Fiscal policy for development – I. Education
Particularly among middle-income workers (middle class)
Informality in middle income households in Latin America
(% households without contributing members, circa 2010)
Source: Lustig , N.and A. Melguizo (2015), How middle class are middle-income households in Latin
America?. VoxLACEA , May 20, 2015
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
URY CRI BRA MEX COL PER BOL SLV GTM
Vulnerable Clase media
25
26. Fiscal policy for development – II. Infrastructure
Latin America has underinvested for decades
26 Source: Carranza, L., C. Daude and A. Melguizo (2014), “Public investment and fiscal sustainability in Latin America:
Incompatible goals?” , Journal of Economic Studies, vol.41, n.1, pp.29-50
Infrastructure investment in selected economies of Latin America (% GDP)
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
Total Publica
27. Infrastructure trends in Latin America (the good)
In Colombia and especially Chile the increase in private infrastructure investment
has more than compensated the reduction in public investment.
Chile Colombia
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
Total Public
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
Total Public
Public and total investment in infrastructure (% of nominal GDP)
Fiscal policy for development – II. Infrastructure
Infrastructure trends in Latin America (the good)
Source: Carranza, L., C. Daude and A. Melguizo (2014), “Public investment and fiscal sustainability in Latin America:
Incompatible goals?” , Journal of Economic Studies, vol.41, n.1, pp.29-50
28. Argentina, Brazil and Mexico drive the regional trend.
Argentina Brazil
0.0%
1.0%
2.0%
3.0%
4.0%
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
Total Public
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
Total Public
Fiscal policy for development – II. Infrastructure
Infrastructure trends in Latin America (the bad)
Public and total investment in infrastructure (% of nominal GDP)
Source: Carranza, L., C. Daude and A. Melguizo (2014), “Public investment and fiscal sustainability in Latin America:
Incompatible goals?” , Journal of Economic Studies, vol.41, n.1, pp.29-50
29. Infrastructure trends in Latin America (and the ugly)
good)
Peru is an extreme case: for its low level at the start of the period of analysis and also
the collapse in total investment flows in the late 1980s.
Mexico Peru
0.0%
1.0%
2.0%
3.0%
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
Total Public
0.0%
1.0%
2.0%
3.0%
4.0%
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
Total Public
Fiscal policy for development – II. Infrastructure
Infrastructure trends in Latin America (and the ugly)
Public and total investment in infrastructure (% of nominal GDP)
Source: Carranza, L., C. Daude and A. Melguizo (2014), “Public investment and fiscal sustainability in Latin America:
Incompatible goals?” , Journal of Economic Studies, vol.41, n.1, pp.29-50
30. Fiscal policy for development – II. Infrastructure
Heightened in periods of fiscal consolidation
30
Public investment in infrastructure and fiscal balance in LAC (% GDP)
-6.0%
-5.0%
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
Inversion (izda) Saldo (dcha)
Source: Carranza, L., C. Daude and A. Melguizo (2014), “Public investment and fiscal sustainability in Latin America:
Incompatible goals?” , Journal of Economic Studies, vol.41, n.1, pp.29-50
31. Fiscal policy for development – II. Infrastructure
Transport and energy are the bulk of the gap
31
Source: Balmaseda, M. et al (2010), “Infrastructure patterns in emerging markets: An empirical analysis with a focus on Latin
America” , Global Economic and Construction Outlook, June, pp. 25-31, CEMEX Economic Analysis
Infrastructure gap in LAC and emerging economies (%)
Carreteras pavimentadas Energía eléctrica
0%
40%
80%
120%
160%
200%
240%
280%
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
LatAm MAX-min LatAm
Asia
Eastern Europe
0%
20%
40%
60%
80%
100%
120%
140%
160%
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
LatAm MAX-MIN LatAm
Asia
Eastern Europe
32. • Expansion of fiscal rules in Latin America:
• Budget balance rules (all except Brazil) & second rules (expenditure or
debt)
• Escape clauses and correction mechanisms in case of non-compliance
32
Fiscal rule
Country
Argentina 2000-2008 2000-2008
Brazil 2000-2013 2000-2013
Chile 2001-2013
Colombia 2000-2013 2011-2013
Costa Rica 2001-2013
Ecuador 2010-2013 2003-2009 2003-2009
Jamaica 2010-2013 2010-2013
Mexico 2006-2013
Panama 2002-2003, 2009-2013 2002-2003, 2009-2013
Peru 2000-2013 2000-2013
Expenditure rule Revenue rule Budget balance rule Debt rule
Number of countries using fiscal rulesCountries with fiscal rules and date of validity
Fiscal policy for development – II. Infrastructure
Can fiscal rules help? Getting the story right
0
5
10
15
20
25
30
35
1992 1993 1994 1995 19961997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 20092010 2011 2012 2013
LATAM OECD
Source: Alberola, Kataryniuk, Melguizo y Orozco (2015), “The long (and unfinished) march towards fiscal policy stabilization in
Latin America: The role of financial conditions and fiscal rules”, Bank of Span working paper, forthcoming
33. Fiscal policy by country
• Procyclicality of fiscal policy in Argentina, Uruguay and (weakly) Mexico
• Improvement in the 2000s in Brazil, Chile, Colombia, Costa Rica, Peru and, to
a lesser extent, Mexico
33
Fiscal stance by country
Fiscal policy for development – II. Infrastructure
Latin Americas in terms of stabilization policies
-1
-0.8
-0.6
-0.4
-0.2
0
0.2
0.4
0.6
0.8
-0.6
-0.5
-0.4
-0.3
-0.2
-0.1
0
0.1
0.2
0.3
Argentina Brasil Chile Colombia Costa
Rica
México Perú Uruguay
Full sample First half Second half
Source: Alberola, Kataryniuk, Melguizo y Orozco (2015), “The long (and unfinished) march towards fiscal policy stabilization in
Latin America: The role of financial conditions and fiscal rules”, Bank of Span working paper, forthcoming
34. THE WHOLE PICTURE: fiSCAL RULES
34
Evolution of the coefficient of the gap in a rolling-window
regression (FE estimation)
Fiscal policy for development – II. Infrastructure
Fiscal rules seem to help (or reflect preferences)…
-0.4
-0.3
-0.2
-0.1
0
0.1
0.2
0.3
0.4
0.5
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
With FC With FC, no FR With FC + FR
Source: Alberola, Kataryniuk, Melguizo y Orozco (2015), “The long (and unfinished) march towards fiscal policy stabilization in
Latin America: The role of financial conditions and fiscal rules”, Bank of Span working paper, forthcoming
35. • Main fiscal policy options on fiscal frameworks (budgets, rules and
institutions) and infrastructure investment:
• Golden rule: targets on the current balance excluding capital
expenditures
• Accounting: exclude from the fiscal targets the operations of
commercially-run public enterprises
• Macro-fiscal rule: legislation forcing the accumulation of savings during
the good times, in order to generate the fiscal space to maintain public
investment during economic downturns
Work in progress
Fiscal policy for development – II. Infrastructure
… less progress in expenditure composition
36. Fiscal policy for development – III. Taxes
Not only revenues, but also revenues…
36
Tax collection in LAC and OECD (% GDP, 1990-2013)
Source: OECD-CIAT-ECLAC-IDB (2015), Revenue Statistics in Latin America and the Caribbean
0
5
10
15
20
25
30
35
40
1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013
Diferencia (A-B) ALC (20)¹ (A) OCDE (34)² (B)
37. Fiscal policy for development – III. Taxes
Commodity dependence remains excessive
37
Fiscal revenues from non-renewable resources (USD billion and % GDP, 2013)
0 20 40 60 80 100 120
Bolivia (Est.Plur. de)
Perú
Chile
Argentina
Ecuador
Colombia
Venezuela (Rep. Bol. de)
Brasil
México
Como % del PIB
PEMEX 8.0
14.2
2.8
2.1
1.8
12.1
5.1
12.2
2.4
Source: OECD-CIAT-ECLAC-IDB (2015), Revenue Statistics in Latin America and the Caribbean
38. Tax collection in Latin America and the Caribbean and the OECD
(%GDP, 2013)
Fiscal policy for development – III. Taxes
Most economies have low levels of tax collection…
38
0
10
20
30
40
Source: OECD-CIAT-ECLAC-IDB (2015), Revenue Statistics in Latin America and the Caribbean
39. Fiscal policy for development – III. Taxes
… particularly direct taxes and SS contributions
39
Tax structure in LAC and OECD (% of tax revenues, 2012)
Source: OECD-CIAT-ECLAC-IDB (2015), Revenue Statistics in Latin America and the Caribbean
40. - 40 -
Margen en otros impuestos para financiar salud y
pensiones
Tax collection on consumption and SS contributions in LAC
(% GDP, circa 2012)
Fiscal policy for development – III. Taxes
Room for raise collection and improve structure
40
ARG
BRB
BOL
BRA
CHL
COL CRIDOM
ECU
SLV
GTM HND
JAM
MEX
NIC
PAN
PRY
PER
URY
VEN
ALC
0
2
4
6
8
10
12
14
16
0 2 4 6 8 10 12
Impuestos
generales sobre el
consumo
Contribuciones y aportes
Source: OECD-CIAT-ECLAC-IDB (2015), Revenue Statistics in Latin America and the Caribbean
41. 41
Fiscal policy for development – III. Taxes
Tax policy: a few policy implications
• The outlook for convergence in collection is not favorable (slowdown
and lower revenues from commodities)
• LAC is below OECD average (even when we consider private
contributions and natural resources)
• A few countries are correctly weighing in structural fiscal reforms to
strenghthen expenditure capacity
• Need to identify the use of resources
• For natural resources it is important to establish mechanisms to
translate temporary booms into actual and durable development
42. Latin American Economic Outlook
1 Short-term slowdown, medium-term reforms?
More than revenues: Fiscal policy for development2
Latin America - fiscal policy in times of economic slowdown
Enabling tax reforms3
43. The political economy of structural tax reform is particularly defying:
low fiscal morale…
43
Fiscal morale in LAC and OECD
(Do you think that cheating in tax declarations is justifiable?, 2010)
Source: OECD-ECLAC (2011), Latin American Economic Outlook 2012.
0%
10%
20%
30%
40%
50%
60%
70%
América Latina OCDE
Nunca justificable
Justificable
44. 44
… and general absence of clear mandates in the results of presidential
elections
Note: Favorable tweets to Neves or Rouseff according to geographic location
Source: FT
Neves 48%
Rouseff 52%
45. Success in this area requires to communicate the future use of
resources and improve its management.
45
Legitimacy Tax are too high More redistribution
Education
+ - +/-
Middle sectors
+/+ -/- -/-
Public services
(educ., health)
+ - +
POUM
+/+ - -
Meritocracy n.a. - +
Source: OECD (2010), Latin American Economic Outllook 2011. How middle-class in Latin America?
46. Fiscal policy, social mobility and democracy in Latin America
Attitudes towards democracy
(% support and satisfaction)
Distribution of political preferences
(0 extreme left, 1 extreme right)
Attitudes towards democracy
0%
10%
20%
30%
40%
50%
60%
70%
80%
1 2 3 4 5
PerceivedIncome Quintile
Support for democracy Satisfaction with functioningof democracy
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
0 1 2 3 4 5 6 7 8 9 10
Frequency
Left- Right self-reportedpreferences
Q1 Q2-Q4 Q5
Source: OECD (2010), Latin American Economic Outllook 2011. How middle-class in Latin America?
The middle sectors could be an agent for change: support of
democracy, politically moderate…
47. Fiscal policy, social mobility and democracy in Latin America
Fiscal policy
30
35
40
45
50
55
60
Q1 Q2 Q3 Q4 Q5
"Good Citizens pay theirtaxes"
(percentage of respondents who agree)
25
30
35
40
45
50
Q1 Q2 Q3 Q4 Q5
"Taxes are too high"
(percentage of respondents who agree)
25
27
29
31
33
35
37
Q1 Q2 Q3 Q4 Q5
"Tax evasion is never justified"
(percentage of respondents who agree)
0
20
40
60
80
100
Q1 Q2 Q3 Q4 Q5
Satisfaction with health services
Satisfied Not satisfied No Access
Source: OECD (2010), Latin American Economic Outllook 2011. How middle-class in Latin America?
… higher tax morale. But unsatisfied!
48. Latin America – Fiscal policy in slowdown times: conclusions
48
• Latin America should improve its fiscal policy, not only to tackle the
economic slowdown, but also to strenghthen potential growth
• The majority of productive development policies (education,
infrastructure, …) require sizeable resources
• Structural tax reform needs to be framed within an empowered social
contract
• We cannot wait any longer