Caribbean News, Latin America News:
Compiled By NAN Business Editor
News Americas, NEW YORK, NY, Weds. March 25, 2020: The Caribbean and Latin America needs to strengthen governance and integrity mechanisms to improve the quality and implementation of public policies, reduce corruption and increase public trust in government.
That’s according to the third edition of Government at a Glance: Latin America and the Caribbean 2020 by the Inter-American Development Bank (IDB) and the Organization for Economic Co-operation and Development (OECD).
The report says governments in the region have so far failed to take advantage of the opportunities offered by the economic boom to ensure that growth becomes sustainable and truly inclusive, according to the study.
It also notes that productivity has not significantly improved while inequality, despite economic progress, remains very high, whether measured in income or other well-being outcomes.
The study also points out that citizens are largely dissatisfied with public services and investments in infrastructure and education seem to be insufficient. Overall, access to and quality of public services varies widely and those who can afford it often opt out to private providers. In addition, there is a widespread perception in the region that politics and markets are rigged.
“The indicators show that LAC continues to face challenges in designing and enforcing public policies that promote good governance and inclusive societies,” said Emilio Pineda, IDB Division Chief for Fiscal Municipal Management, Institutions for Development Sector.
“In order to sustain inclusive growth, the region needs to continue pushing public sector reforms that promote fiscal stability and fairness for all. Improving public sector integrity and fighting corruption must be at the heart of such efforts,” added Pineda.