2025年拉丁美洲和加勒比财政全景：增加投资促进增长和可持续发展2025

2025 Thank you for your interest inthis ECLAC publicationPlease register if you would like to receive information on our editorialproducts and activities. When you register, you may specify your particularareas of interest and you will gain access to our products in other formats.Click on the link below for our social networks andother channels for accessing our publications:Registerhttps://bit.ly/m/CEPAL Fiscal Panoramaof Latin Americaand the CaribbeanBoosting investment for growthand sustainable development 2025 José Manuel Salazar-XirinachsExecutive SecretaryJavier Medina VásquezDeputy Executive Secretary a.i.Noel Pérez BenítezOfficer in Charge, Economic Development DivisionSally ShawChief, Documents and Publications DivisionTheFiscal Panorama of Latin America and the Caribbeanis a report prepared each year by the EconomicDevelopment Division of the Economic Commission for Latin America and the Caribbean (ECLAC). The preparationof this year’s report was supervised by Daniel Titelman, the then Chief of the Division, and Noel Pérez Benítez,Chief of the Division’s Fiscal Affairs Unit. The report was drafted by Elisa Araneda, Ivonne González, MichaelHanni, Dalmiro Morán, Noel Pérez Benítez and Patricia Weng. Thanks are extended to Ignacio Ruelas Ávila forinput to chapter I. Chapter II was prepared by Dalmiro Morán and Elisa Araneda, based on input from AndreaPodestá. Chapter III was prepared by Michael Hanni and Elisa Araneda.The Spanish Agency for International Development Cooperation (AECID) contributed financing for this publication.The staff of the Fiscal Affairs Unit of the Economic Development Division of the Economic Commission forLatin America and the Caribbean (ECLAC) expresses its sincere thanks to Daniel Titelman for his unfailingsupport for theFiscal Panorama of Latin America and the Caribbeanand the Regional Seminar on Fiscal Policy.Throughout his distinguished career at ECLAC, and specifically as Chief of the Economic Development Division,he played a key role in promoting institutional discussions on fiscal policy and its importance for sustainabledevelopment. On his retirement, we wish to recognize his leadership and contribution to the strengthening ofthe Commission’s work in fiscal policy.The United Nations and the countries it represents assume no responsibility for the content of links to externalsites in this publication.Explanatory notes:Three dots indicate that data are not available or are not separately reported.A dash indicates that the amount is nil or negligible.A full stop is used to indicate decimals.The word “dollars” refers to United States dollars, unless otherwise specified.A slash between years (e.g. 2023/2024) indicates a 12-month period falling between the two years.Individual figures and percentages in tables may not always add up to the corresponding total because of rounding.This publication should be cited as: Economic Commission for Latin America and the Caribbean (2025).Fiscal Panorama ofLatin America and the Caribbean, 2025(LC/PUB.2025/6-P).Applications for authorization to reproduce this work in whole or in part should be sent to the Economic Commission forLatin America and the Caribbean (ECLAC), Documents and Publications Division, publicaciones.cepal@un.org. Member Statesand their governmental institutions may reproduce this work without prior authorization, but are requested to mention the sourceand to inform ECLAC of such reproduction. United Nations publicationISBN: 978-92-1-003554-5 (print)ISBN: 978-92-1-107367-6 (pdf)ISBN: 978-92-1-107368-3 (ePub)Sales No.: E.25.II.G.7LC/PUB.2025/6-PDistribution: GCopyright © United Nations, 2025All rights reservedPrinted at United Nations, SantiagoS.2500137[E] Chapter IPublic finance trends in 2024.............................................................................................................................................. 9Introduction...................................................................................................................................................................... 11A.The fiscal environment in Latin America and the Caribbean in 2024....................................................................... 121.Public revenues remained relatively stable, albeit with marked unevenness among countries...................... 122.Higher interest payments in Latin America and greater capital spending in the Caribbean............................ 183.Fiscal space remained limited in the region and overall fiscal deficits were high........................................... 254.The region’s average public debt decreased but remains high......................................................................... 285.The fiscal accounts of subnational governments stabilized, though they remained highlyB.Fiscal policy to tackle development traps and gaps.................................................................................................. 381.Fiscal policy as a tool to facili