Economic Context - 80% of the world's extreme poor and 75% of the moderately poor live in rural areas, with spatial isolation being a major cause of poverty[2] - In sub-Saharan Africa, only 34% of the rural population lives within 2 kilometers of all-season roads, severely limiting access to agricultural production, healthcare, education, and job opportunities[2] Road Rehabilitation Program - The program aimed to upgrade 2,500 kilometers of major roads in Tanzania, addressing the poor infrastructure that ranked 118th out of 134 economies in the World Economic Forum's Global Competitiveness Index[21] - By the end of 2013, 2,564 kilometers of roads were paved, increasing the proportion of well-maintained roads from 11% to 29.4%[22] Impact on Rural Livelihoods - The program led to a decrease in rice prices, negatively impacting rural households' agricultural income, which was not compensated by increased wage employment[1] - Households reallocated labor away from agriculture, but the increase in wage income did not offset the losses from agricultural income[1] Market Dynamics - The reduction in transportation costs intensified competition, leading to greater market pressures on rural families[1] - The findings suggest that improved access to quality roads may not yield the expected benefits for rural households, as they face increased competition from external producers[7] Methodology and Analysis - The study utilized household fixed effects and propensity score matching to assess the program's impact, focusing on various household behavior variables[1] - The analysis revealed that while the program aimed to enhance market access, it resulted in reduced market entry for rural households rather than improved access to new markets[10]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - South Africa is facing a severe learning crisis in its education system, which is critical for developing the next generation's skills and driving inclusive growth [21][33] - The report emphasizes the need for urgent reforms in the basic education sector to address the learning crisis, financing constraints, and inefficiencies in public spending [35][40] Summary by Sections Part 1: The State of the Economy - South Africa's GDP growth was estimated at 0.8% in 2024, which is below the average growth rate of 4.1% for middle-income countries [24][45] - The fiscal deficit reached 6% of GDP in 2024, the highest level since 2009, leading to an increase in public debt to 74.9% of GDP [26][28] - Economic growth is projected to gradually improve towards 2% over the next three to five years, driven by infrastructure improvements and a favorable external environment [27][44] Part 2: The Overdue Reform and Emerging Priorities in the Basic Education Sector - The learning crisis has worsened, with the percentage of Grade 4 learners unable to understand reading material increasing from 78% to 81% between 2016 and 2021 [35][38] - The government traditionally spends about 4.3% of GDP on basic education, which is higher than most upper-middle-income countries, but real spending has declined from R338 billion to R323 billion over the last five years [40][41] - Three key actions are proposed for better learning outcomes: focusing on foundational learning, leveraging the private sector for education delivery, and improving efficiency in public spending [36][39][41]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Republic of Yemen is facing severe humanitarian and development crises exacerbated by climate change, with a projected GDP growth of 2% in 2024, still significantly lower than the 2014 GDP of USD 22.7 billion [18] - The assessment identifies key climate-related health risks, including food insecurity, waterborne diseases, vector-borne diseases, heat-related morbidity, and risks to health infrastructure due to flooding [84] - The report emphasizes the need for targeted adaptation measures to enhance the adaptive capacity of vulnerable populations in Yemen [21] Summary by Sections Section I: Climate - Yemen's climate is characterized by extreme temperatures and variable rainfall, with an average national warm season maximum of 36.5°C in June and an annual average rainfall of 190 mm [33][34] - The mean annual temperature has increased by 0.42°C per decade from 1971 to 2020, with projections indicating further increases under high greenhouse gas emission scenarios [35] - The report highlights that approximately 100,000 people are exposed to natural and climate-driven disasters annually, with flooding being the most significant risk [49] Section II: Climate-Related Health Risks - Yemen is undergoing an epidemiological transition, with non-communicable diseases becoming the primary cause of death, while communicable diseases still represent a significant health burden [82] - Food insecurity is a critical issue, with 17 million people food insecure as of 2022, and the country ranks 123rd out of 125 on the Global Hunger Index [89][90] - Waterborne diseases are a major health concern, with a history of cholera outbreaks and significant challenges in accessing clean water [102][104] Section III: Adaptive Capacity and Readiness - The report discusses the importance of leadership and governance, health information systems, service delivery, and health financing in enhancing adaptive capacity [31][32] - It emphasizes the need for improved health infrastructure and financing to address the projected health impacts of climate change [37] Section IV: Proposed Actions - The report outlines proposed actions for improving governance, health information systems, service delivery, and financing to better prepare for climate-related health risks [40][41][42] - It calls for further research to understand the economic costs of health impacts due to climate change [43]

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The report reviews five government approaches to promote solar hybrid mini grids in Africa, highlighting that each approach has its own advantages and disadvantages depending on the local context [5][7][9]. Summary by Sections Government Approaches - Five common approaches to promote mini grids in Africa include: 1. Sites selected and operated by private developers 2. Competitive procurement for individual sites selected by the government 3. Competitive procurement for zones selected by the government 4. Utility outsourcing of construction and initial operation of mini grids 5. Community-owned mini grids [11][14][40]. Private Sector-Led Approach - In the private developer-led approach, developers select sites based on profitability, often using geospatial data [15][22]. - The Nigeria Electrification Project (NEP) serves as a leading example, with 173 mini grids commissioned as of November 2024, serving over 100,000 connections [22][24]. Government-Led Competitive Procurement - Governments can lead competitive procurements to promote private ownership of mini grids, with Nigeria initiating such efforts in 2017 [42][44]. - The African Development Bank supported a minimum subsidy tender for 150 solar hybrid mini grids in Nigeria [46]. Zonal Concessions - The Democratic Republic of Congo (DRC) plans to award concessions for large mini grids, with potential capacities of 60 MW to over 100 MW [55][57]. - The DRC's approach includes a minimum revenue guarantee for developers, which is unique compared to other mini grid projects [57]. Utility Outsourcing - In some countries, utilities may outsource the construction and operation of mini grids to private companies, as seen in Kenya and Ethiopia [61][66]. - This approach allows utilities to retain control over electricity distribution while potentially improving service delivery [68]. Community Ownership - Community-owned mini grids are another approach, where local communities take ownership and operation responsibilities, often supported by government or donor funding [11][14].

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The success of South Africa's green transition hinges on the availability of necessary skills for green jobs among the current and future workforce, with a significant need for both transversal and green-specific technical skills [5][18] - The report emphasizes the importance of aligning the Post-School Education and Training (PSET) system with the skill demands of the green economy to facilitate a just transition [20][51] Summary by Sections 1. Introduction - South Africa is undergoing a green transition aimed at mitigating climate change, with strategies outlined in key documents such as the National Development Plan (NDP) [16] - The share of green jobs in South Africa's economy is currently small but is expected to rise as green technologies are adopted [16][18] 2. Demand for Skills - The report defines green jobs as those that contribute to the green economy and require specific skills, with various international definitions highlighting the environmental impact of these jobs [24][30] - The expected impact of the green transition on labor and skill demand includes the emergence of new jobs and changes in existing job requirements, particularly in carbon-intensive industries [51][52] 3. Current Offer of PSET - The PSET system's responsiveness to the skill needs for the green economy is assessed, revealing both strengths and weaknesses [3][27] - Systemic weaknesses in the PSET system negatively affect the relevance, quality, and quantity of education and training provision, contributing to skills gaps [5][6] 4. Conclusions and Recommendations - The report proposes several reforms to improve the alignment of the PSET system with the skill demands of the green transition, including effective coordination among stakeholders, systematic data collection on skill needs, and targeted interventions [6][20] - Recommendations also include supporting at-risk workers through skills development and removing unnecessary bureaucratic barriers to qualification development [7][20]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The green transition in South Africa is expected to create new jobs while also leading to job losses, particularly in carbon-intensive sectors like coal [8][19] - The report outlines five strategies to prepare the workforce for the green transition, emphasizing the need for skills development to support employability and competitiveness [9][52] Summary by Sections A. Introduction - South Africa's green transition will significantly impact its workforce, with new job creation and changing skill requirements [8] - The report proposes strategies to enhance the skills development system to support the green transition [9] B. Global Context - A global commitment to achieving net-zero emissions is driving the need for substantial changes in various sectors, including energy and transportation [13] - Decarbonization is essential for maintaining competitiveness in international markets, particularly for countries reliant on exports [14] C. The Green Transition in South Africa - South Africa has ambitious goals for a Just Energy Transition, but progress has been modest due to various challenges [19] - Examples of promising investments include Toyota's R2.6 billion investment in hybrid vehicle production and renewable energy projects in the COEGA Development Cooperation [19] D. Impact on Labor and Skills Demand - The World Bank forecasts a net job creation of approximately 1 million jobs in key industries affected by the low-carbon transition from 2022 to 2050 [26] - Job creation is expected to be highest in non-coal mining and renewable energy sectors, while job losses will primarily occur in high-emission industries [26] E. PSET System's Ability to Prepare Workforce - The PSET system faces structural weaknesses that hinder its performance in equipping workers with necessary skills for the green transition [39][41] - There is a need for better coordination among stakeholders to align education and training with emerging skill demands [46] F. Strategies for Workforce Preparation - The report emphasizes the importance of systematically collecting and disseminating information on skill needs for the green transition [53] - Establishing clear leadership and effective coordination mechanisms among stakeholders is crucial for aligning skills development with industry needs [57]

Investment Rating - The report does not provide a specific investment rating for the industry under review Core Insights - The minimum wage policy in Indonesia has had a distributional impact on wage workers, particularly those at the 15th percentile up to the middle of the wage distribution, without causing overall employment loss [9][10] - Despite the increase in district minimum wages by 67 percent in real terms from 2002 to 2014, the policy has shown no significant effect on per capita household expenditure or changes in poverty status [6][13][14] - The study highlights that the increase in district minimum wages does not correlate with a reduction in poverty, indicating a robust finding across various socioeconomic conditions [14][15] Summary by Sections Introduction - The minimum wage serves as a labor market policy tool aimed at improving the circumstances of low-wage workers, with debates on its effectiveness as an antipoverty program [2][4] - Proponents argue that it raises low-income families' wages, while opponents caution about potential employment losses among vulnerable workers [2] Methodology - The study employs a cross-sectional dataset from Java Island, analyzing the impact of district minimum wages on poverty from 2002 to 2014 [5][6] - An identification strategy is used to address endogeneity concerns by creating unique district-pairs to exploit variations in minimum wages [7][8] Findings - The analysis reveals a positive wage effect for wage workers, with a 2 percent wage increase for a 10 percent rise in district minimum wages, particularly for those in the 15th to 30th percentile [9] - No significant impact on nonwage workers' earnings was found, and the employment effect was generally null, with a slight decline in employment probability among poor households [10][11] - The study concludes that the minimum wage policy does not affect individual poverty status, reinforcing the notion that it lacks a poverty-reduction effect [13][14] Conclusion - The findings contribute to the literature on minimum wage impacts in developing countries, particularly in Indonesia, and suggest that the policy's effectiveness in reducing poverty is limited [15][16]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report emphasizes the need for a comprehensive parental benefits framework in Argentina that integrates both maternity and paternity benefits to promote gender equality and support labor market participation [7][17][40] Summary by Sections Introduction - Argentina faces significant challenges in gender equality and labor market participation, particularly among women during childbearing years, necessitating robust parental policies [16][26] Section 1: Argentina Country Context and Motivation - Women represent half of Argentina's working-age population but have a lower labor force participation rate (53.1%) compared to men (72.2%) [23] - Informal employment affects 51% of workers, limiting access to social protections during lifecycle events [25] Section 2: Overview and Assessment of Argentina's Parental Benefits Legal Framework - Argentina has not ratified ILO Convention No. 183 but has enacted legislation covering many key elements [44] - Maternity leave is 90 days for private-sector workers and 100 days for public-sector workers, while paternity leave is only 2 days for private-sector workers [52] - The parental benefits system is fragmented, with varying eligibility criteria based on employment status, leading to inequities [49] Section 3: Survey Results - A survey of 832 urban Argentinians revealed significant gaps in awareness and access to parental benefits, particularly among informal workers [18][21] - Disparities exist in perceptions of childcare responsibilities, with entrenched gender norms influencing attitudes [19][20] Section 4: Assessment and Recommendations of Parental Benefits Policies - The report recommends extending minimum leave durations, simplifying eligibility criteria, and improving data transparency to enhance inclusivity [7][20][49] - It advocates for a shift from maternity-focused policies to a comprehensive parental benefits framework that includes fathers and aligns with labor market dynamics [17][41]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Jordan is enhancing its commitment to digital public infrastructure (DPI) to improve public service delivery, focusing on foundational platforms like digital ID and data sharing [15][18] - Despite efforts, the adoption of digital public services remains limited, with only about 1.4 million Jordanians registered on the Sanad platform, which represents approximately 37% of individuals aged 16 or above with a smart national ID [16][19] - The World Bank's diagnostic report aims to identify technical gaps and provide recommendations to establish a trusted, people-centric DPI ecosystem in Jordan [17][22] Summary by Sections About ID4D - The Identification for Development (ID4D) Initiative by the World Bank aims to help countries realize the potential of identification systems to improve access to services and economic opportunities [9][10] Introduction - Jordan's National Digital Transformation Strategy emphasizes the establishment of DPI building blocks to accelerate the digitalization of public services [15][18] Foundations and Enablers - Legal identity systems in Jordan have improved, with a national ID card covering 97% of the eligible population, but further reforms are needed to enhance trust and inclusivity [30][37] - The 2020 Cloud Policy aims to develop a hybrid cloud model, categorizing data by sensitivity levels to enhance cloud adoption among ministries [45][46] Digital ID & Trust Services - The Sanad application serves as a digital ID platform, with approximately 3.25 million downloads but only 1.4 million activated accounts, indicating a need for improved user engagement and accessibility [66][70] - Recommendations include expanding Sanad digital ID coverage to non-Jordanians and enhancing integration with service delivery workflows [70]

Investment Rating - The report indicates a generally optimistic outlook for emerging market corporate borrowers, highlighting their resilience amidst global interest rate fluctuations [6][21]. Core Insights - Emerging market companies have shown resilience in the face of global interest rate shifts, with borrowing costs tracking global rates more closely than in previous crises [6][7]. - A significant shift towards local currency borrowing has been observed, reducing vulnerabilities associated with foreign currency debt [15][20]. - Interest coverage ratios for emerging market firms remain healthier than pre-pandemic levels, despite rising interest payments [16][20]. Summary by Sections Impact of Global Interest Rates on Borrowing Costs - Emerging market corporate yields have remained stable relative to U.S. Treasuries, with a notable spike in March 2020 quickly normalizing [7][12]. - U.S. dollar-denominated bond yields for emerging markets increased from 4.8% in December 2019 to 6.4% in September 2024, which is less pronounced than the rise for advanced economies [12][14]. Shifts in Debt Structure - There has been a marked shift towards local currency borrowing, particularly in countries with developed domestic capital markets, such as India [15][20]. - This shift helps mitigate risks associated with exchange-rate fluctuations, although not all firms have access to local currency options [15][20]. Financial Health of Emerging Market Corporates - Despite increased interest payments, emerging market firms maintain healthy financial positions, with interest coverage ratios comparable to pre-pandemic levels [16][25]. - In lower-middle-income countries, interest payments as a share of total debt rose from 6% in 2021 to 9% in 2024, yet coverage ratios have stabilized [16][25]. Future Vulnerabilities - Global interest rates are expected to remain above pre-pandemic levels, raising concerns about the cost of refinancing existing debt [20][21]. - Corporate leverage has increased, making firms more sensitive to shifts in global financial conditions [20][21].