CAF - LEO 2025 Promoting and financing production transformation

Latin American Economic Outlook 2025 PROMOTING AND FINANCING PRODUCTION TRANSFORMATIONThis work is published under the responsibility of the Secretary-General of the OECD, the President of Corporación Andina de Fomento – CAF, Development Bank of Latin America and the Caribbean, and the President of the European Commission. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the Member countries of the OECD, or its Development Centre, those of the members of CAF, or of the European Union and its Member States, or the Member States of the United Nations. The names of countries and territories and representation used in this joint publication follow the practice of the OECD. This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area.

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LATIN AMERICAN ECONOMIC OUTLOOK 2025 © OECD/CAF/EUROPEAN UNION 2025

Foreword

be Paris (France). The number of arbitrators shall be one. 3

LATIN AMERICAN ECONOMIC OUTLOOK 2025 © OECD/CAF/EUROPEAN UNION 2025

Foreword Since 2007, each edition of the annual Latin American Economic Outlook (LEO) analyses one of the challenges faced by the Latin America n and Caribbean (LAC) region in its transition towards sustainable and inclusive development, comparing LAC’s performance with that of its peers, suggesting policy recommendations and providing examples for policy learning. The LEO benefits from the expertise and inputs of several institutions. In 2011, the United Nations Economic Commission for Latin America and the Caribbean joined the OECD as co -author, as did the Development Bank of Latin America and the Caribbean in 2013 and the European Commission in 2018. This 18th LEO, Promoting and Financing Production Transformation , analyses the need to reshape the region’s production structure to become greener and more inclusive, while also examinin g the financing mechanisms necessary to support this shift. It provides policy recommendations for governments to realign production systems with global standards and demands while generating quality employment, developing local capabilities and promoting key strategic sectors. Finally, the report underscores the need for stronger international partnerships to accelerate the mobilisation of international resources into strategic sectors and foster capacity building, supporting the region’s shift towards resilient, knowledge-intensive production systems that underpin inclusive and sustainable development.4 

LATIN AMERICAN ECONOMIC OUTLOOK 2025 © OECD/CAF/EUROPEAN UNION 2025

Acknowledgements Partners in this report are the United Nations Economic Commission for Latin America and the Caribbean (ECLAC), the Development Bank of Lat in America and the Caribbean (CAF), the European Commission and the Development Centre of the Organisation for Economic Co -operation and Development (OECD). This report is supported by the Directorate General for International Partnerships of the European Commission (INTPA). The OECD Development Centre’s contribution to this report was led and managed by Sebastián Nieto Parra,

and the Development Centre of the Organisation for Economic Co -operation and Development (OECD). This report is supported by the Directorate General for International Partnerships of the European Commission (INTPA). The OECD Development Centre’s contribution to this report was led and managed by Sebastián Nieto Parra, Head of the Regional Development Dynamics Division, with the collaboration of Juan Vázquez Zamora and co-ordinated by Olivia Cuq, Policy Analyst, under the guidance of Ragnheiður Elín Árnadóttir, Director of the OECD Development Centre, and Federico Bonaglia, Deputy Director. ECLAC’s contribution was led by Marco Llinás, Director of the Production, Productivity and Management Division and Sebastián Rovira, Chief of the Digital Transformation Unit, under the guidance of José Manuel Salazar Xirinachs, Executive Secretary of ECLAC. The contribution from CAF was led by Veronica Frisancho Robles, Chief Economist; Ignacio Corlazzoli, Responsible for Resource Mobilisation and Global Partnerships Management; and Jessica Roldán Peña, Director of Macroeconomic Studies, under the guidance of Sergio Díaz Granados, Executive President of CAF. The European Commission’s contribution was led by the Dire ctorate-General for International Partnerships (INTPA), with the support of Horst Pilger, Emma Clua Vandellòs, and Marc Vothknecht, under the guidance of Diana Montero Melis, Deputy Head of Unit, and Felice Zaccheo, Head of Unit for Regional Programmes for Latin America and the Caribbean, as well as Felix Fernández -Shaw, Director for Latin America and the Caribbean and Relations with all Overseas Countries and Territories. Additional support was provided by Laurent Sillano, Adviser to the Director, and them atic experts from Directorate INTPA B, as well as Maria Maierean from the Directorate-General for Economic and Financial Affairs (ECFIN) and Marie-France Rodier from the Commission’s Secretariat-General (SG). The European External Action Service’s contribution was provided by Rodolfo Lazarich Gener from the Americas Division

Directorate INTPA B, as well as Maria Maierean from the Directorate-General for Economic and Financial Affairs (ECFIN) and Marie-France Rodier from the Commission’s Secretariat-General (SG). The European External Action Service’s contribution was provided by Rodolfo Lazarich Gener from the Americas Division

(EEAS).

The report benefited from the fruitful collaboration among many authors who contributed to the research and the drafting of this report , including: Carl Bernadac, Marie -Pierre Bourzai and María José Zambrano (AFD), Jimena Durán, Verónica Frisancho, Oswaldo López, Nicole Perelmuter, Jessica Roldán Peña and Manuel Toledo (CAF), Felipe Correa , Carlos De Miguel , Marco Dini , Nicolo Gligo , Ana Paola Gómez , Marco Llinás, Sebastián Herreros, Santiago Lorenzo, Carlos Maldonado, Xavier Mancero, Esteban Pérez, Noel Pérez, Ramón Pineda , Maria Cecilia Plottier , Edwin Ramírez , Claudia Robles, Sebastian Rovira , Daniel Titelman, Daniela Trucco , Andrés Valenciano, Helvia Velloso and Francisco Villarreal (ECLAC), Rodolfo Lazarich Gener (EEAS), Laurent Sillano, Marc Vothknecht and Emma Clua Vandellòs (INTPA), Adriana Caicedo , Luis Cecchi , Olivia Cuq , Rita Da Costa , Maya Duque , Evely Geroulakos , Laura Gutiérrez, Chiara Kahler, Paul Lanusse, Martina Lejtreger, Thomas Manfredi, Mariana Navarro, Sebastián Nieto Parra , René Orozco , Michał Oskroba, Vicente Ruiz and Juan Vázquez Zamora (OECD) . Julia Peppino and Blanca Ramírez (OECD) provided invaluable administrative support througho ut the elaboration of the report. A group of OECD experts and colleagues has been notably active and supportive during the production

Peppino and Blanca Ramírez (OECD) provided invaluable administrative support througho ut the elaboration of the report. A group of OECD experts and colleagues has been notably active and supportive during the production process, providing views, input and comments. We would like to highlight the support of Bert Brys, Aida 5

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Caldera, Ivana Capozza, Serdar Çelik, Luis Diaz, Antoine Dechezlepretre, Luisa Dressler, Jason Gagnon, Paula Garda, Clara Gascon, Alberto Gonzalez, Michael Koelle, Guy Lalanne, Jens Lundsgaard, Alejandra Medina, Sarah Miet, Letizia Montinari, Daniel Nachtigall, Pierce O’Re illy, Rodrigo Pizarro, Claudia Ramirez, Adelaida Rojas, Nunzia Saporito, Joseph Stead, and Juan Viquez. The content of the report was enriched by constructive feedback received during an informal consultation meeting with the LAC countries and Members of the OECD Development Centre Governing Board on 10 March 2025, a virtual Experts’ Meeting on 6-7 May 2025 and a private sector consultation meeting that took place on 18 September 2025. In addition to the LAC delegates to the Governing Board of the OECD Development Centre, we are notably grateful to the experts, academics, private sector representatives and other public servants who joined us during the se consultations and additional informal meetings: Aimée Aguilar Jaber (Hot or Cool Institute), Carl Bernad ac (AFD), Natalia Cardenas (Société Générale), Andrea Costafreda (Government of Catalonia), Ariel Emirian (Société Générale), Almudena Fernandez (UNDP), Juan Carlos Hallak (Universidad de Buenos Aires), Leo Harari (Political Analyst), Fuad Hasanov (IMF), Alejandro Lavopa (UNIDO), Mariano Machado (Verisk-Maplecroft), William Maloney (World Bank), Nicolás

Juan Carlos Hallak (Universidad de Buenos Aires), Leo Harari (Political Analyst), Fuad Hasanov (IMF), Alejandro Lavopa (UNIDO), Mariano Machado (Verisk-Maplecroft), William Maloney (World Bank), Nicolás Mayorga (Nuam), Luis Fernando Medina (Permanent Representative of Colombia to the OECD), Natalia Moreno Rigollot (Telefónica), Gerardo Moscatelli (Med Commo dities), Hugo Ñopo (World Bank), José Antonio Ocampo (Columbia University), Laura Oroz (AECID), Javier Pérez (Banco de España), Érika Rodríguez Pinzón (Fundación Carolina), Silvana Ravía Cuello (Ministry of Industry, Energy and Mining of Uruguay), Juan Ruiz (BBVA), María Teresa Ruiz-Tagle (CLG), Luz Angela Serrano (OAS), Paola Subacchi (Sciences Po), David Tuesta (Private Council for Competitiveness of Peru) , Mario Valencia (DNP Colombia) and Ana Valero (Telefónica). The country notes benefited from constructive input, scrutiny and verification by delegations to the OECD from Chile, Colombia, Costa Rica and Mexico, as well as the embassies in France of Argentina, Brazil, the Dominican Republic, Ecuador, El Salvador, Guatemala, Panama, Paraguay, Peru and Urug uay and the embassy in Ireland of Barbados. OECD delegations and embassies also co -ordinated the relevant inputs from different national ministries and governmental areas. The OECD Development Centre expresses its sincere gratitude to the Agence française de développement (AFD), the Departamento Nacional de Planeación (DNP) of Colombia, the European Union, the Spanish Ministry of Foreign Affairs and Telefónica for their support to the Latin American Economic Outlook report. Finally, many thanks go to the Pu blications and Communications Division of the OECD Development Centre, notably Delphine Grandrieux, Elizabeth Nash and Henri -Bernard Solignac -Lecomte, for their steadfast patience and expedient work on the production of this report and associated materials . The

Finally, many thanks go to the Pu blications and Communications Division of the OECD Development Centre, notably Delphine Grandrieux, Elizabeth Nash and Henri -Bernard Solignac -Lecomte, for their steadfast patience and expedient work on the production of this report and associated materials . The authors also sincerely appreciate the editing and proofreading activities undertaken by Mary Bortin and Jill Gaston; the translation into Spanish by Gilda Moreno Manzur; and the Spanish editing and proofreading services by Liliana Tafur.6 

LATIN AMERICAN ECONOMIC OUTLOOK 2025 © OECD/CAF/EUROPEAN UNION 2025

Editorial With vast reserves of natural resources and human talent, the Latin American and Caribbean (LAC) region possesses unique assets to diversify its economies and accelerate the shift to higher-productivity activities and local added value. As described in this 18th edition of the Latin American Economic Outlook, achieving such a transformation requires well-designed productive development policies (PDPs) under a renewed vision – one that embeds multi-stakeholder co-operation and participation, works in sectoral agendas, adopts place-based strategies and ensures financing, trust and continuity for long -term impact. Advancing production transformation benefits both the green transition and social inclusion, and progress on one dimension of sustainable development reinforces the others. Better co-ordination across national and subnational institutions is needed, along with stronger involvement of the private sector, civil society and other relevant stakeholders. Policies must place greater emphasis on skills development, quality employment , human -centred digital transformation, and environmental sustainability, and on harnessing strategic advantages in high-potential sectors such as renewable energy, sustainable agriculture and food systems, digital industries , health and the care economy – in line with productive priorities set by LAC countries and their territories. Financing these strategies remains a structural challenge , particularly in a context of limited fiscal space . Public, private and international actors, including national and multilateral institutions, must work together to mobilise new funding sources, design innovative instruments, channel quality investment, and support

productive priorities set by LAC countries and their territories. Financing these strategies remains a structural challenge , particularly in a context of limited fiscal space . Public, private and international actors, including national and multilateral institutions, must work together to mobilise new funding sources, design innovative instruments, channel quality investment, and support priority sectors. Beyond financing, development banks also play a pivotal r ole in fostering co -ordination, building capacity and promoting knowledge sharing to enhance the effectiveness of these strategies. International co-operation and partnerships have an essential role to play . The upcoming IV CELAC –EU Summit will be a key moment to deepen this co-operation under the EU–LAC Global Gateway Investment Agenda. Through Global Gateway, Europe and Latin America are investing together in clean energy, digital connectivity, health, and resilient value chains, linking infrastructure wi th education, innovation, local enterprise, and new opportunities for our societies. This new edition of the Latin American Economic Outlook contributes to these shared efforts with analysis and recommendations, and by identifying ways to strengthen global partnerships and scale up productive development policies at the subnational, national and regional levels – decisively, inclusively and sustainably.

Mathias Cormann Secretary-General OECD

Sergio DiazGranados Executive President, CAF – Development Bank of Latin America and the Caribbean José Manuel Salazar-Xirinachs Executive Secretary ECLAC

Jozef Sikela European Commissioner for International Partnerships 7

LATIN AMERICAN ECONOMIC OUTLOOK 2025 © OECD/CAF/EUROPEAN UNION 2025

Table of contents Foreword 3 Acknowledgements 4 Editorial 6 Abbreviations and acronyms 12 Executive summary 17 Overview 19 References 35 1 Socio-economic and environmental context and challenges 39 Introduction 40 Macroeconomic context 40 Structural economic challenges in LAC require a holistic response 47 Social context 53

Abbreviations and acronyms 12 Executive summary 17 Overview 19 References 35 1 Socio-economic and environmental context and challenges 39 Introduction 40 Macroeconomic context 40 Structural economic challenges in LAC require a holistic response 47 Social context 53 Environmental implications of the current production structure 66 Policy messages 83 Notes 85 References 86 2 Towards strong production transformation strategies 93 Introduction 94 A new vision for productive development policies in LAC 95 LAC’s efforts in terms of productive development policies 111 Policy recommendations 133 Notes 138 References 138 3 Financing production transformation 145 Introduction 146 LAC faces a large financing gap in key production sectors 147 Improving the taxation system is essential to finance production transformation 148 National development finance institutions, in close co-ordination with multilateral development banks and bilateral development finance institutions, will be needed to scale up investment 1668 

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Inclusive financial markets can drive productivity and strategic investment for small and medium-sized enterprises 171 Attracting foreign direct investment will be necessary for bridging the investment gap and accelerating production transformation 188 Policy recommendations 195 Notes 197 References 197 4 International partnerships for production transformation 205 Introduction 206 International finance and development co-operation for the production sectors 206 Partnerships for regional production transformation and insertion into global value chains 230 Towards new generation productive development policies: What role for regional integration and international co-operation? 238 Conclusion 241 References 242 5 Country notes 253 Reader’s guide 254 Argentina 260 Barbados 262 Brazil 264 Chile 266 Colombia 268 Costa Rica 270 Dominican Republic 272 Ecuador 274 El Salvador 276 Guatemala 278

Reader’s guide 254 Argentina 260 Barbados 262 Brazil 264 Chile 266 Colombia 268 Costa Rica 270 Dominican Republic 272 Ecuador 274 El Salvador 276 Guatemala 278 Mexico 280 Panama 282 Paraguay 284 Peru 286 Uruguay 288

FIGURES Figure 1. Standard deviations from potential per capita GDP growth in LAC, 2000-2025 18 Figure 2. LAC merchandise export composition by economic profile and tech intensity, 2023 19 Figure 3. Employment share and wages by technological and digital intensity in LAC 20 Figure 4. Greenhouse gas emissions by region and sector, 1990-2022 21 Figure 5. Types of government bodies overseeing productive development policies in LAC (%) 22 Figure 6. Effective average tax rates, statutory tax rates and effective marginal tax rates in LAC countries, 2021 24 Figure 7. Sectors targeted by corporate income tax incentives in LAC, 2024 25 Figure 8. National development finance institutions by mandate in selected LAC countries, 2024 26 Figure 9. Market capitalisation, number of issuers, and sectoral composition in countries integrating nuam exchange, 2025 28 Figure 10. GSSSB bond issuance in international markets, sectoral distribution, 2014-24 29 Figure 11. Foreign direct investment impact on export sophistication, diversification and manufacturing value added 30 Figure 12. Official development assistance received in LAC by production sector, 2004-2023 31 9

LATIN AMERICAN ECONOMIC OUTLOOK 2025 © OECD/CAF/EUROPEAN UNION 2025

Figure 13. Building blocks for regional co-operation in productive development policies 32 Figure 1.1. Commodity prices, 2020-2025 39

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Figure 13. Building blocks for regional co-operation in productive development policies 32 Figure 1.1. Commodity prices, 2020-2025 39 Figure 1.2. Standard deviations from potential per capita GDP growth in LAC, 2000-2025 40 Figure 1.3. Primary fiscal balance as a percentage of gross domestic product in LAC, 2000-2024 41 Figure 1.4. Tax-to-gross domestic product ratio and changes in tax-to-gross domestic product ratio in LAC, 2023 42 Figure 1.5. Implicit interest rates for LAC gross public debt, 2001-2024 43 Figure 1.6 Monthly inflation in LAC economies under different inflation regimes, 2016-2024 44 Figure 1.7. Portfolio flows (equity and debt) in LAC, 2000-2024 45 Figure 1.8. Potential gross domestic product per capita growth in advanced economics and in LAC, 2000-2023 46 Figure 1.9. LAC merchandise export composition by economic profile and tech intensity, 2023 48 Figure 1.10. Number of LAC countries with Revealed Comparative Advantage by sector and tech-intensity group, 2023 49 Figure 1.11. Export partners by region, 2000 vs. 2023 50 Figure 1.12. Employment share and wages by technological and digital intensity in LAC 52 Figure 1.13. Population distribution by level of household informality in selected LAC countries 54 Figure 1.14. People living under the national poverty line in selected LAC countries 56 Figure 1.15. Decomposition of informal-formal wage gap in selected LAC countries 57 Figure 1.16. Distribution of LAC population by level of household informality and poverty status 58 Figure 1.17. Distribution of dependants in selected LAC countries, 2010-2023 59

Figure 1.15. Decomposition of informal-formal wage gap in selected LAC countries 57 Figure 1.16. Distribution of LAC population by level of household informality and poverty status 58 Figure 1.17. Distribution of dependants in selected LAC countries, 2010-2023 59 Figure 1.18. World population by region, 1975-2023 62 Figure 1.19. World urban population annual growth and population by region, 2000-2023 63 Figure 1.20. Distribution of LAC working-age population by area and level of household informality 64 Figure 1.21. Greenhouse gas emissions by region and sector, 1990-2022 66 Figure 1.22. Greenhouse gas emissions by country and sector in selected LAC countries, 2014-2022 67 Figure 1.23. Air pollution by world region, mean annual exposure, 2000-2020 68 Figure 1.24. Natural disasters by world region, 1975-2024 69 Figure 1.25. Natural disasters in LAC by originating event type, 1975-2024 70 Figure 1.26. Effective policy mixes across sectors and country groups 72 Figure 1.27. Share of renewable and non-renewable sources in electricity generation (%), 2023 73 Figure 1.28. Energy intensity level of primary energy in LAC, 2015 and 2021 74 Figure 1.29. Carbon dioxide emissions per unit of manufacturing value added in LAC and OECD, 2015 and 2022 75 Figure 1.30. Global forest cover levels and forest area change in LAC,1990-2022 76 Figure 1.31 Terrestrial and marine protected areas in LAC by country, 2024 77 Figure 1.32. Water abstraction by sector and world region, 2000 and 2021 78 Figure 1.33. Water stress and use efficiency in LAC and OECD, 2015-2022 79

Figure 1.32. Water abstraction by sector and world region, 2000 and 2021 78 Figure 1.33. Water stress and use efficiency in LAC and OECD, 2015-2022 79 Figure 1.34. Population with access to safely managed drinking water services, urban vs. rural (%), in selected LAC countries, 2022 81 Figure 2.1. LAC production structure, 2006-2022 (% of GDP by sector) 94 Figure 2.2. Production structure of LAC economies by export profile, 2006-2022 (% of GDP) 95 Figure 2.3. Definition and scope of productive development policies 101 Figure 2.4. Definition of the five pillars of the PTPR 108 Figure 2.5. Productive development policy investment in LAC and OECD, 2021-2022 (% of GDP) 109 Figure 2.6. Types of government bodies overseeing productive development policies in LAC (%) 111 Figure 2.7. Characteristics of institutional co-ordination mechanisms in selected LAC countries (%) 112 Figure 2.8. Argentina's and Urugay's productive development policy spending (%) 114 Figure 2.9. Strategic focus of productive articulation initiatives identified in LAC, 2025 120 Figure 3.1. Average tax structure in LAC and the OECD, 2023 147 Figure 3.2. Effective average tax rates, statutory tax rates and effective marginal tax rates in LAC countries, 2021 148 Figure 3.3. Share of economies with at least one corporate income tax incentive in LAC, sub-Saharan Africa and East Asia, by instrument and region, 2024 151 Figure 3.4. Tax incentives by instrument design and eligibility in selected LAC countries, 2024 152 Figure 3.5. Sectors targeted by corporate income tax incentives in LAC, 2024 153 Figure 3.6. Share of selected LAC countries with at least one corporate income tax incentive related to special economic zones, 2024 154

Figure 3.5. Sectors targeted by corporate income tax incentives in LAC, 2024 153 Figure 3.6. Share of selected LAC countries with at least one corporate income tax incentive related to special economic zones, 2024 154 Figure 3.7. Effective average tax rates in LAC including tax incentives for tourism, renewable energies and special economic zones, 2024 157 Figure 3.8. Perception of tax evasion in LAC selected countries, 2024 16010 

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Figure 3.9. Perceptions of taxes and the fairness of public service return in Africa, Asia and LAC, 2024 161 Figure 3.10. Tax morale, perception of corruption and trust in public institutions in LAC 162 Figure 3.11. Perceptions of taxation’s role in sustainable development and public spending in Africa, Asia and LAC 163 Figure 3.12. National development finance institutions by mandate in selected LAC countries, 2024 165 Figure 3.13. Domestic credit to the private sector as a percentage of gross domestic product and financial depth in LAC, 2024 170 Figure 3.14. Interest rate spreads between loans to SMEs and to large firms in high-income and selected LAC countries, 2020-22 171 Figure 3.15. Banking system profitability in selected LAC countries, 2021 171 Figure 3.16. Market capitalisation and stock turnover ratio in LAC, 2024 or latest available year 173 Figure 3.17. Total venture capital investment in LAC by vertical and country, 2016-24 175 Figure 3.18. Venture capital flows to LAC by origin of investment, 2016-24 176 Figure 3.19. Domestic corporate and public bond issuance in LAC, 2015-23 177 Figure 3.20. Market capitalisation, number of issuers, and sectoral composition in countries integrating nuam

Figure 3.19. Domestic corporate and public bond issuance in LAC, 2015-23 177 Figure 3.20. Market capitalisation, number of issuers, and sectoral composition in countries integrating nuam exchange, 2025 179 Figure 3.21. LAC international bond issuance trends and country breakdown 180 Figure 3.22. LAC’s total international green, social, sustainability, sustainability-linked and blue bond issuance, 2014-2024 181 Figure 3.23. LAC’s green, social, sustainability, sustainability-linked and blue bond issuance in international markets, by sectoral distribution and growth trends, 2014-2024 183 Figure 3.24. LAC international green, social, sustainability, sustainability-linked and blue bond issuance, by issuer and instrument type by sector, 2014-2024 184 Figure 3.25. FDI inflows as a percentage of GDP in selected LAC countries, 2024 187 Figure 3.26. Origin and destination of announced FDI projects in LAC, 2003-24 187 Figure 3.27. Share of capital investment of greenfield FDI announced projects by tech intensity, 2013-23 188 Figure 3.28. Foreign direct investment impact on export sophistication, diversification and manufacturing value added 189 Figure 3.29. Announced greenfield FDI in renewable energy in LAC, 2003-24 191 Figure 3.30. FDI impact on renewable energy supply and on the energy matrix 191 Figure 4.1. Greenfield foreign direct investment inflows to LAC by origin and sector, 2003-2024 206 Figure 4.2. Official flows to the production sectors in LAC, 2014-2023 208 Figure 4.3. EU-LAC Global Gateway 360-degree approach for an enabling environment 209 Figure 4.4. Share of official flows to LAC by production sector, 2023 211 Figure 4.5. Official development assistance received in LAC by production sector, 2004-2023 212

Figure 4.4. Share of official flows to LAC by production sector, 2023 211 Figure 4.5. Official development assistance received in LAC by production sector, 2004-2023 212 Figure 4.6. Total official development assistance to the LAC energy sector from 2014 to 2023 213 Figure 4.7. Chinese commitments to production sectors in LAC as a share of gross national income, 20012021 216 Figure 4.8. Total official support for sustainable development allocated to the LAC production sectors by type of support, 2019-2023 216 Figure 4.9