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The Economic Commission for Latin America and the Caribbean (ECLAC) released a report that looks into the fiscal performance of regional countries as a result of the current health and economic crisis. “Fiscal Panorama of Latin America and the Caribbean 2021: Fiscal policy challenges for transformative recovery post-COVID-19,” focuses on regional government efforts to strengthen public health systems, support families and protect the productive structure in 2020 and 2021. The report looks into the high cost to the economies of subsidies and cash transfers during the pandemic.
According to the ECLAC report, the fiscal efforts announced in 2020 represented 4.6% of GDP on average for the region’s countries.
The expansion of public spending to tend to the crisis along with the drop in tax collection entailed significant increases in fiscal deficits and debt levels in the region, with gross...