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Fiscal Panorama of Latin America and the Caribbean 2022: Fiscal policy challenges for sustainable and inclusive development

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Abstract

The region is facing a complex economic situation, marked by slowing growth, rising inflation, interest rate hikes and volatility in international markets. This context puts pressure on public finances, compounded by increasing demands for social welfare, investment and environmental sustainability, which pose fiscal policy challenges. The Fiscal Panorama of Latin America and the Caribbean, 2022 proposes a fiscal policy design that would help to drive sustainable development, by strengthening tax collection and making tax structures more progressive, and giving a strategic orientation to public spending to turn it into an instrument of development. The report analyses the fiscal trends observed in 2021, which included an upturn in tax receipts and a slowdown in public spending that resulted in smaller fiscal deficits. It also examines fiscal rules and the mechanisms used to ease them during the pandemic, proposing a rethink of these rules aimed at pro-growth fiscal policy. Lastly, it studies the fiscal frameworks applied to hydrocarbon production and mining with a view to maximizing their contribution to the implementation of the 2030 Agenda for Sustainable Development.

Suggested Citation

  • -, 2022. "Fiscal Panorama of Latin America and the Caribbean 2022: Fiscal policy challenges for sustainable and inclusive development," Libros y Documentos Institucionales, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 48015 edited by Eclac.
    • Handle: RePEc:ecr:col016:48015
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    1. James M. Otto, 2017. "The taxation of extractive industries: Mining," WIDER Working Paper Series wp-2017-75, World Institute for Development Economic Research (UNU-WIDER).
    2. James M. Otto, 2017. "The taxation of extractive industries: Mining," WIDER Working Paper Series 075, World Institute for Development Economic Research (UNU-WIDER).
    3. Garnaut, Ross & Clunies Ross, Anthony, 1975. "Uncertainty, Risk Aversion and the Taxing of Natural Resource Projects," Economic Journal, Royal Economic Society, vol. 85(338), pages 272-287, June.
    4. Rolando Ossowski & Havard Halland, 2016. "Fiscal Management in Resource-Rich Countries," World Bank Publications - Books, The World Bank Group, number 24577.
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