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Macroeconomics.

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El sólido marco macroeconómico de Perú ha impulsado un crecimiento económico sustancial y la reducción de la pobreza en las últimas dos décadas. Si bien la economía se recuperó rápidamente de la pandemia, esta reveló debilidades estructurales, como la alta informalidad y marcadas disparidades regionales en el acceso a servicios públicos. Más recientemente, el crecimiento se ha desacelerado y la inflación sigue siendo alta aunque está disminuyendo. Mirando hacia el futuro, los principales desafíos para aumentar la productividad y la inversión incluyen fortalecer la competencia, mejorar el marco regulatorio, diversificar las exportaciones y mejorar la infraestructura. Mejoras en la gobernanza y el estado de derecho son pilares esenciales para lograr un crecimiento sostenible a largo plazo y la cohesión social. Expandir el acceso a una educación de calidad, reducir las contribuciones sociales, especialmente para los trabajadores de bajos ingresos, y proporcionar un nivel básico de protección social universal para todos los trabajadores, formales e informales por igual, ayudaría a reducir la amplia informalidad y las desigualdades. Esto requerirá aumentar los ingresos tributarios y mejorar la eficiencia del gasto. Los desafíos y riesgos ambientales son importantes, pero también ofrecen oportunidades significativas para el futuro. Para abordar los desafíos ambientales, Perú necesita frenar la deforestación y aprovechar su potencial de energía renovable para reducir la dependencia de los combustibles fósiles. CARACTERÍSTICAS ESPECIALES: AUMENTAR LA PRODUCTIVIDAD, AMPLIAR LA PROTECCIÓN SOCIAL, REDUCIR LA INFORMALIDAD LABORAL.

Macroeconomics

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Macroeconomics.

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Risks to macroeconomic stability posed by excessive private leverage are significantly amplified by tax distortions. 'Debt bias' (tax provisions favoring finance by debt rather than equity) has increased leverage in both the household and corporate sectors, and is now widely recognized as a significant macroeconomic concern. This paper presents new evidence of the extent of debt bias, including estimates for banks and non-bank financial institutions both before and after the global financial crisis. It presents policy options to alleviate debt bias, and assesses their effectiveness. The paper finds that thin capitalization rules restricting interest deductibility have only partially been able to address debt bias, but that an allowance for corporate equity has generally proved effective. The paper concludes that debt bias should feature prominently in countries' tax reform plans in the coming years.

Macroeconomics.

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This Technical Assistance Report paper on Georgia highlights various aspects of producer price indexes (PPI) mission. The purpose of the mission was to assist the National Statistics Office of Georgia (Geostat) with expanding the coverage of the PPI to additional services activities. Expanded PPI coverage will facilitate more accurate measurement of real output generated from services activities in Georgia. Since services activities comprised 58.4 percent of 2018 gross domestic product on a value-added basis, improved measurement in this area will significantly enhance the accuracy of total measures of the size, growth, and productivity of the Georgian economy. Improved PPIs will also provide policymakers with a clearer view of price development at the producer level, which may signal future changes in the cost of living for Georgian consumers. Geostat analysis indicated that prices for all carriers have historically changed at similar rates. This makes the consumer price index for air transportation an adequate estimator for producer prices, which should include domestic airlines only. However, PPI prices should ideally include sales to all buyer types, not just resident consumers. This makes unit value prices an attractive option. These can be calculated as total fare revenue generated from all passengers that flew in a specified class of service on all flights for a specified route, divided by this same number of passengers.

Macroeconomics