Industry Overview - Youth unemployment is a significant global challenge, particularly in Bhutan where nearly half the population is below the age of 30 [1] - The study focuses on understanding the challenges faced by Bhutanese youth, especially women, in accessing employment opportunities [1] - The research highlights the economic benefits of increasing female labor force participation and identifies challenges across different economic sectors [1] Research Methodology - The study employs a qualitative approach, utilizing focus group discussions and key informant interviews across three areas: Thimphu (services), Chukha (industry), and Dagana (agriculture) [4] - Primary and secondary data are used to analyze youth and female unemployment, with a focus on urban and rural issues [4] Key Findings Education and Skills - The education system in Bhutan struggles to equip youth with practical skills needed for the job market, leading to a mismatch between education and employment [5] - There is a notable gender bias in STEM subjects, with fewer females pursuing careers in these fields due to societal expectations [32] - Students with disabilities face significant barriers in accessing education and employment opportunities [46] Female Employment Challenges - Women employees, particularly working mothers, face challenges due to the lack of childcare facilities at workplaces [6] - Women perform 71% of unpaid household and care work, which limits their ability to engage in income-generating activities [35] - Gender pay gaps persist, with females earning less than males in both urban and rural areas [54] Economic Sectors - The agriculture sector employs 49.2% of the labor force but contributes only 20% to GDP, highlighting inefficiencies [18] - The tourism sector, a major contributor to GDP, has been negatively impacted by policy changes such as the increase in the sustainable development fee (SDF) [82] - Technological advancements are reshaping the job market, with many traditional jobs being automated or outsourced [64] Youth Migration - Out-migration of the working-age population, particularly to Australia, is a major concern, with 70% of registered jobseekers seeking overseas employment [70] - This trend could lead to a loss of skilled workers, reduced tax revenues, and underutilization of infrastructure, posing long-term economic challenges [72] Policy Recommendations - Integration of TVET (Technical and Vocational Education and Training) into the mainstream education system to better align skills with market demands [75] - Workplace support for female employees, including childcare services and flexible work arrangements [75] - Addressing social challenges through confidence-building initiatives and mentoring programs to improve youth employability [83] Conclusion - The study provides valuable insights into the complex factors contributing to youth and female unemployment in Bhutan, emphasizing the need for targeted interventions to enhance employment opportunities and sustainable development [73][74]

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [1][2][3] Core Viewpoints - Vietnam aims to achieve upper middle-income status by 2030 and high-income status by 2045, requiring gross capital investments to account for 32-35% of GDP, with government investment at 7.3% of GDP annually to support infrastructure development [14] - Public investment in Vietnam has declined from 8% of GDP in 2011 to 6% in 2022, with chronic under-execution of investment budgets and significant delays and cost overruns in major projects [15][16] - Vietnam's infrastructure quality lags behind regional peers, with low expressway density and high road transport costs, which could impact its attractiveness as an FDI destination [19][20] - The public investment management (PIM) and intergovernmental fiscal (IGF) systems in Vietnam suffer from allocative inefficiencies, lack of coordination, and weak enforcement mechanisms, leading to suboptimal investment outcomes [28][29][30] Public Investment Trends - Vietnam's public investment has been declining, with the share of public investment in GDP falling from 8% in 2011 to 6% in 2022, while the economy remains capital-scarce compared to upper middle-income and high-income countries [24][25] - The central government's share in total government investment has decreased from 40% seven years ago to 20% in 2022, with provinces accounting for 80% of infrastructure investment [16][52] - Vietnam's infrastructure quality ranks 77th globally, behind regional peers like China, India, and Malaysia, with road transport costs being the highest in the region [19][20] Inefficiencies in PIM and IGF Systems - Allocative inefficiencies are evident in strategic infrastructure, with provinces over-investing in low-value projects like industrial parks and provincial ports, while national infrastructure spending has been squeezed [16][30] - There is a lack of investment in environmental protection and climate adaptation, with Vietnam being among the top 10 countries most affected by climate change, yet public investment in disaster protection is only 0.05% of GDP [40][41] - Implementation inefficiencies are significant, with an average delay of 5 years and cost overruns double the original budget for large-scale transport projects [42][45] Systemic Problems in Subnational PIM and IGF Systems - The lack of a conducive intergovernmental fiscal framework has led to fragmented investment decisions, with provinces holding 78-85% of public investment resources, leaving the central government with limited capacity to fund national infrastructure [52][53] - There is no enabling legal framework for vertical and horizontal investment coordination, with the State Budget Law banning the transfer of investment funds between provinces, creating financing gaps for regional projects [59][60] - The absence of effective incentive and enforcement mechanisms has resulted in a race-to-the-bottom competition among provinces, leading to wasteful investments in uneconomic projects [62][63] Recommendations and Next Steps - The report recommends rebalancing infrastructure investment from provincial to central levels, addressing legal loopholes, and establishing robust monitoring mechanisms to improve public investment efficiency [16][75] - It suggests adopting effective instruments for vertical and horizontal coordination, such as co-financing arrangements and matching grants, to enhance regional investment coordination [80][81] - The report also calls for a review of expenditure responsibilities and the establishment of a regional Public Investment Program to align with integrated masterplans and improve investment outcomes [78][79]

本报告为世界银行员工的成果。本报告所阐述的任何研究成果、诠释和结论未必反映世界银行、 其执行董事会及其所代表的政府的观点。 任何关于权利和许可的问题，包括各项附属权利，请向世界银行集团出版部门咨询，地址：1818 H Street NW, Washington, DC 20433, USA；传真：202-522-2625；邮箱：pubrights@worldbank.org. 表 2. 主要政策措施及预期影响 缩略语 | --- | --- | |--------|--------------------------| | | | | PFB | 一般公共预算 | | PHL | 菲律宾 | | PIP | 世界银行贫困与不平等网页 | | PPI | 工业生产者出厂价格指数 | | PPP | 购买力平价 | | pp | 百分点 | | Q1 | 第一季度 | | Q2 | 第二季度 | | Q3 | 第三季度 | | Q4 | 第四季度 | | RMB | 人民币 | | RRR | 存款准备金率 | | SAFE | 中国国家外汇管理局 | | SAS | 南亚地区 | | SML | 关注类贷款 | ...

Investment Rating - The report emphasizes the necessity for Cambodia to invest in a full-suite Human Resource Management Information System (HRMIS) to enhance public sector HR practices and align with public administration reform priorities [28]. Core Insights - Cambodia has made progress in modernizing its government systems, reflected in the increase of its Government Technology Maturity Index (GTMI) score from 0.45 in 2020 to 0.58 in 2022, yet lacks a centralized HRMIS [7][37]. - The absence of a well-functioning HRMIS hampers effective human resource management in the Cambodian civil service, which consists of over 284,484 active and contracted staff [7][8]. - The report outlines a roadmap for HRMIS modernization, which includes a phased approach to developing prioritized modules that can improve HR management and efficiency [29][30]. Summary by Sections Executive Summary - The report highlights the need for Cambodia to operationalize a full-suite HRMIS to improve HR practices and government effectiveness [28]. - It notes that existing HRMIS and payroll systems are outdated and not fully fit for purpose, leading to inefficiencies in HR processes [28]. Introduction - The introduction discusses the global trends in HRMIS and the specific challenges faced by Cambodia in developing an effective HRMIS [13][16]. - It emphasizes the importance of modernizing HR practices to enhance public sector performance [41]. Current Status and Challenges - Despite improvements in the GTMI, Cambodia still lacks a centralized HRMIS, which is critical for managing personnel information effectively [18][37]. - The report identifies the need for a comprehensive HRMIS to streamline HR processes and improve government effectiveness [28][41]. Recommendations - The report recommends adopting the HRMIS modernization roadmap to implement a full-suite HRMIS, which will facilitate process streamlining and improve efficiency in HR-related tasks [29][30]. - It stresses the importance of project management, legal compliance, and user adoption for successful HRMIS implementation [31][32]. Benefits of HRMIS Implementation - The implementation of a full-suite HRMIS can lead to improved decision-making, enhanced employee experience, and cost efficiency through automation of HR processes [43]. - It can also support data-driven policymaking and improve service delivery in the public sector [43][44].

Investment Rating - The report indicates a weak outlook for the EU in the near term, with downside risks dominating the economic landscape [2][8]. Core Insights - The report highlights that many EU member states have faced reform delays, which could hinder long-term growth and fiscal consolidation efforts [3][4]. - The Recovery and Resilience Facility (RRF) is available until the end of 2026, with expected absorption rates of RRF grants projected to reach 0.4% of GDP in 2024 and 0.5% in 2025 [3]. - Despite some progress in reforms, challenges remain in areas such as digitalization, public pension sustainability, and labor force participation [3][4]. - The report emphasizes the importance of managing the green transition, with both public and private investments being crucial for a sustainable economy [4][5]. Summary by Sections Economic Outlook - The EU's economic outlook remains weak, with potential growth rates revised down for several member states due to various challenges, including the impact of the Russian invasion of Ukraine [3][8]. - Specific potential growth estimates include Bulgaria at 2.3%, Croatia at 2.9%, Poland at 2.4%, and Romania at 2.4% [3]. Policy Challenges - The implementation of the revised Economic Governance Framework will test policymakers' ability to balance fiscal sustainability with growth [4]. - The report discusses the need for concrete expenditure and revenue measures to meet fiscal consolidation targets while addressing pressures from defense spending and climate change [4]. Social Safety Nets - Effective social safety nets are crucial for protecting low-income households from rising food and energy costs amid inflationary pressures [11]. - The report outlines various policy measures adopted by EU countries, such as food vouchers and price caps, to alleviate inflationary pressures on households [11][12]. Labor Market Dynamics - The labor market has shown resilience, but recovery has been uneven, particularly affecting less educated individuals who continue to struggle with employment levels [35][36]. - Employment growth has been concentrated among highly educated workers, highlighting a polarization in job opportunities [35][36].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The World Bank Group (WBG) aims to support Romania's development priorities, focusing on sustainable growth, resilience, and the green transition, while addressing disparities and enhancing institutional capacity [2] - WBG financing, although modest at approximately 1.4% of Romania's GDP in 2023, has a significant impact by unlocking additional public and private funds [2] - There is a strong demand for WBG's advisory services and financial instruments, particularly in climate finance and private capital mobilization [2][5] Summary by Sections Development Priorities - Romania's long-term goals include addressing disparities, enhancing resilience, and accelerating the green transition, with short to medium-term priorities focused on reforms and investments supported by EU resources [2] - The WBG is viewed as a neutral partner, fostering trust and cooperation to implement sustainable solutions for Romania's challenges [2] Financial Sector Engagement - The International Finance Corporation (IFC) collaborates with major banks to ensure compliance with regulations while promoting climate and inclusion financing [5] - IFC has facilitated significant green and sustainable bond issuances, including a €100 million green bond for Banca Comercială Română and a €100 million blue loan for Banca Transilvania [5] Capacity Building and Institutional Support - The WBG's Country Partnership Framework (CPF) for FY25-29 emphasizes the importance of strengthening institutions and governance to support Romania's development [6] - The CPF aims to enhance public financial management, strategic planning, and policy coordination to improve service delivery and investment efficiency [13] Private Sector Development - The WBG will promote private investment in infrastructure and connectivity, supporting policy reforms to enhance market access and attract private capital [11] - The focus on digitalization and technology adoption is crucial for improving productivity and competitiveness in Romania's economy [20] Climate and Sustainability Initiatives - The WBG is committed to supporting Romania's transition to a low-carbon economy, emphasizing investments in renewable energy and climate resilience [16][38] - The report highlights the need for substantial public and private investments in decarbonization and the development of innovative financial products to support Romania's climate goals [36][43]

Investment Rating - The report does not explicitly provide an investment rating for the industry but emphasizes the need for policy reforms to enhance the productivity and participation of mature workers in labor markets. Core Insights - Productive longevity is crucial for addressing the challenges posed by an aging population, particularly in low and middle-income countries (L/MICs) where older populations are increasing rapidly [8][13][40] - Policies should focus on increasing the productivity and participation of mature workers, which can lead to significant economic benefits, including potential GDP increases of 0.4 percentage points per year in OECD countries [15][40] - The report highlights the importance of addressing both supply and demand-side constraints to foster productive longevity, including removing barriers to work and incentivizing firms to hire mature workers [23][55] Summary by Sections Fostering Productive Longevity - The global population is aging, with projections indicating that by 2050, one in six people will be at least 65 years old, predominantly in L/MICs [13][40] - Mature workers can contribute significantly to economic activity, but their participation rates decline sharply after age 55, necessitating policy interventions to keep them engaged [15][44] Policy Implications for the World Bank - The World Bank's Social Protection and Jobs (SPJ) agenda should incorporate strategies to enhance the productivity of mature workers, including lifelong learning and social protection reforms [40][73] - There is a need for more granular data and diagnostics on aging and labor markets to inform effective policy interventions [75] Constraints and Policy Framework - The report outlines a framework for addressing constraints to productive longevity, focusing on supply-side barriers (e.g., regulatory constraints, underinvestment in skills) and demand-side barriers (e.g., ageism, hiring practices) [26][55] - Effective policy interventions should include reforms to institutional frameworks, promotion of human capital investments, and addressing behavioral constraints related to ageism [23][55] Labor Market Dynamics - Mature workers in poorer countries are more likely to remain active in the labor market compared to those in wealthier countries, where many can afford to retire [44] - Self-employment rates increase with age, and many mature workers face barriers to accessing productive assets and markets, highlighting the need for targeted support [48][59] Recommendations for Action - The report suggests that governments should identify "win-win" policies that promote both productive longevity and support for younger generations, such as affordable childcare services [72] - Expanding effective lifelong learning systems is essential for enhancing the skills and employability of mature workers across all income levels [70][71]

Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized September 2024 Annex V: Lessons from Viet Nam's recent reform of business regulations relevant to other countries..................66 ACKNOWLEDGEMENTS The team is grateful to the peer reviewers for their comments: Lien Anh Pham (IFC, Senior Operations Officer), Alejandro Espinosa-Wang (Senior Economist, EAEF1) and Leo Iacovone (Lead Economist, EECF1). B. QUALITATIVE ASSESSMENT: SOLID FOUNDATIONS, BUT SOME IMPLEMENTATION G ...

Figure 1.3. Consumption share, by quintile and location Figure 1.1. Poverty rates, the poverty gap, and the squared poverty gap, 2021–22 The depth and severity of poverty were staggering. The poverty gap was 42.9 percent, suggesting that the average consumption of the poor is about 57 percent the national poverty line.10 Poverty was less deep in urban areas. The average consumption of the urban poor was three-quarters (74.9 percent) of the national poverty line compared with 55.4 percent among the poor in r ...