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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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External private sector financial flows

The external development finance scene has changed considerably over recent decades in terms of the array of agents providing financing, the funding mechanisms used and the composition of financial flows. Analysis of the evolution of development finance flows reveals a clear fall-off in traditional flows such as official development assistance (ODA) in middle-income countries, including those of Latin America, with average ODA flows dropping from over 1% of regional GDP to 0.2% in the period from 1961 to 2014. This decline has been due to the logic driving the allocation of official assistance, which relies on per capita GDP as the sole indicator of a country’s economic and social development, with the result that low-income countries are favoured over middle-income ones such as those of Latin America and the Caribbean.

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