Latin American Economic Outlook 2023

Acronyms and abbreviations

5G	Fifth-generation mobile network
AAAA	Addis Ababa Action Agenda
ABS	Access and benefit sharing
AECID	Spanish Agency for International Development Cooperation
AEO	Authorised Economic Operator
AFD	Agence française de développement
ALIDE	Latin American Association of Development Financing Institutions
APEP	Americas Partnership for Economic Prosperity
AUCI	Uruguayan Agency for International Cooperation (Agencia Uruguaya de Cooperación Internacional)
BAU	Business as usual
BIICC	Bond indexed to indicators of climate change
BIT	Bi-lateral investment treaty
BNDES	Brazilian Development Bank
BRI	Belt and Road Initiative (China’s)
C2F	Canadian Climate Fund for the Private Sector in the Americas
CAF	Development Bank of Latin America and the Caribbean (Banco de Desarrollo de América Latina y el Caribe)
CALAS	Centro Maria Sibylla Merian de Estudios Latinoamericanos Avanzados en Humanidades y Ciencias Sociales
CAPEX	Capital expenditures
CACM	Central American Common Market
CAN	Andean Community of Nations
CASEIF IV	Central America Small Enterprise Investment Fund IV
Caricom	Caribbean Community
CECCA	Clean Energy Corridor of Central America
CEPLAN	Centro Nacional de Planeamiento Estratégico del Perú
CET	Common external tariff
CIF	Caribbean Investment Facility
CIT	Corporate income tax
CIV	Collective investment vehicles
CO2	Carbon dioxide
CoGs	Centres of government
CONAGEBIO	National commission for biodiversity management of Costa Rica (Comisión nacional para la gestión de la biodiversidad de Costa Rica)
COVID 19	Coronavirus
CPI	Consumer price index
CSO	Civil society organisation
D4D	Digital Development Hub (Europe)
DAC	Development assistance committee
DFC	International Development Finance Corporation (United States)
DFIs	Development finance institutions
DIC	Direct investment in companies
DNP	National Planning Department of Colombia (Departamento Nacional de Planeación de Colombia)
DPR	Diversified Payment Rights
EATR	Effective Average Tax Rate
ECA	Export Credit Agencies
ECLAC	United Nations Economic Commission for Latin America and the Caribbean
ECSC	European Coal and Steel Community
EFAD	European Financial Architecture for Development
EFSD	European Fund for Sustainable Development
EMBL-EBI	European Bioinformatics Institute
EIB	European Investment Bank
EMBI	Emerging Market Bond Index (J.P. Morgan)
ESG	Environmental, social and governance
ETR	Effective tax rate
EU	European Union
FDI	Foreign direct investment
fintech	Financial technology
G20	Group of Twenty
GBP	Green Bond Principles
GCF	Gross capital formation
GDP	Gross domestic product
GFCF	Gross fixed capital formation
GGIA	Global Gateway Investment Agenda (European Union)
GHG	Greenhouse gases
GNI	Gross national income
GSSS	Green, social, sustainability and sustainability-linked
HEI	Higher education institutions
ICMA	International Capital Market Association
ICT	Information and communication technologies
ICTCR	Costa Rican Tourism Board (Instituto Costarricense de Turismo de Costa Rica)
IDB	Inter-American Development Bank
IFAD	International Fund for Agricultural Development
IFC	International Finance Corporation
IFI	International finance institutions
IIF	Institute of International Finance
IIT	International investment treaties
ILO	International Labour Organization
IMF	International Monetary Fund
INEGI	National Institute of Statistics and Geography of Mexico (Instituto Nacional de Estadística y Geografía de México)
IPA	Investment promotion agencies
IPO	Initial public offering
IRENA	International Renewable Energy Agency
ISCED	International Standard Classification of Education
ISCO	International Standard Classification of Occupations
ISDS	Investor-State dispute settlement
ISIC	International Standard Industrial Classification
KPI	Key performance indicators
LAC	Latin America and the Caribbean
LACIF	Latin America and Caribbean Investment Facility
LAIF	Latin America Investment Facility
LCRs	Local content requirements
LDC	Least-developed countries
Mbps	Megabytes per second
MCIT	Ministry of Commerce, Industry and Tourism of Colombia (Ministerio de Comercio, Industria y Turismo de Colombia)
MDBs	Multilateral development banks
MECON	Ministry of Economy of Argentina (Ministerio de Economía de Argentina)
ME	Ministry of Energy of Chile (Ministerio de Energía de Chile)
MEB	Ministry of Economy of Brazil (Ministério da Economia do Brasil)
MEF	Ministry of Economy and Finance of Uruguay
MEPyD	Ministry of Economy, Planning and Development of the Dominican Republic (Ministerio de Economía, Planificación y Desarrollo de la República Dominicana)
Mercosur	Common Market of the South (Mercado Común del Sur)
mHRDD	Mandatory human rights due diligence
MIDEPLAN	Ministry of National Planning and Economic Policy of Costa Rica (Ministerio de Planificación Nacional y Política Económica de Costa Rica)
MIEM	Ministry of Industry, Energy and Mining of Uruguay
MINAE	Ministry of Environment and Energy of Costa Rica (Ministerio de Ambiente y Energía de Costa Rica)
MLG	Multi-level governance
MPDB	Ministry of Development Planning of Bolivia (Ministerio de Planificación del Desarrollo de Bolivia)
MRREE	Ministry of Foreign Affairs of Uruguay
MSMEs	Micro-, small- and medium-sized enterprises
Mt	Metric tonnes
MtCO2	Metric tonnes of carbon dioxide
NAFTA	North America Free Trade Agreement
NCPs	National contact points
NCREs	Non-conventional renewable energies
NDBs	National development banks
NDCs	Nationally Determined Contributions
NDICI	Neighbourhood, Development, and International Co-operation Instrument
NDP	National development plan
NGO	Non-governmental organisation
NPIS	National public investment systems
NTBs	Non-tariff barriers
OAS	Organization of American States
ODA	Official development assistance
OECD	Organisation for Economic Co-operation and Development
PFI	OECD Policy Framework for Investment
PIT	Personal income tax
PNP	Private non-profit organisations
PPI	Private Participation in Infrastructure (World Bank)
PPP	Public-private partnerships
PREUM	Presidency of the Republic of the United Mexican States (Presidencia de la República de los Estados Unidos Mexicanos)
QII	Quality infrastructure investment
R&D	Research and development
RBC	Responsible business conduct
REIF	Renewable Energy Innovation Fund (Uruguay)
RELAC	Renewable Energy for Latin America and the Caribbean
SBG	Sustainability Bond Guidelines
SBP	Social Bond Principles
SDBs	Subnational development banks
SDGs	Sustainable Development Goals (United Nations)
SICA	Central American Integration System
SLBs	Sustainability-Linked Bonds
SLBP	Sustainability-Linked Bond Principles
SMEs	Small- and medium-sized enterprises
SNA	System of national accounts
SNPE	National Planning Secretariat of Ecuador (Secretaría Nacional de Planificación del Ecuador)
SOP	Second-party option
SPPPG	Planning and Programming Secretariat of the Presidency of Guatemala (Secretaría de Planificación y Programación de la Presidencia de Guatemala)
SPTs	Sustainability performance targets
SPV	Special purpose vehicles
STI	Science, technology and innovation
STPP	Technical Secretariat for Economic and Social Development Planning of Paraguay (Secretaría Técnica de Planificación del Desarrollo Económico y Social del Paraguay)
STR	Statutory tax rate
STT	Standard tax treatment
TFA	Trade Facilitation Agreement (World Trade Organization)
TFP	Total factor productivity
TIP	Treaty with investment provisions
UN	United Nations
UNAM	National Autonomous University of Mexico (Universidad Nacional Autónoma de México)
UNASUR	Union of South American Nations
UPME	Mining Energy Planning Unit of Colombia (Unidad de Planeación Minero Energética de Colombia)
USA	United States of America
USD	United States dollar
USMCA	United States, Mexico and Canada Agreement
VAT	Value-added tax
VET	Vocational education and training
VIX	Volatility Index
WTO	World Trade Organization