Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report emphasizes the need for reforms in pension systems to ensure fiscal sustainability and adequate benefits in the context of global population aging [7] - It highlights the challenges of extending pension coverage to informal sector workers and stresses the importance of gender equity in pension provision [7] - The report concludes with recommendations for adapting pension systems to evolving economic and demographic realities, advocating for inclusive and sustainable solutions [7] Summary by Sections Aging Will Define the Evolution of Pensions and Social Insurance in the Coming Years - Population aging is a significant megatrend affecting economies and societies, necessitating adjustments in pension systems to manage the risks associated with a declining active population [13][14] - Countries with aging populations must adapt their pension systems to ensure adequate retirement income for an increasing number of retirees [31] Aging Will Affect All Regions of the World, Many at a Rapid Pace - By 2050, all regions except Sub-Saharan Africa are expected to have at least 15% of their populations aged 65 and over, indicating a global trend towards aging [25][26] - South Asia and the Middle East and North Africa will experience rapid aging, with significant implications for growth and productivity [26][27] Contributory and Social Pensions as Instruments for Income Protection in Retirement - The report analyzes government-mandated pension plans, including both contributory and non-contributory pension programs, to assess their effectiveness in providing income protection [33][34] - It utilizes data from the ASPIRE database to evaluate trends in pension expenditure and coverage across various countries [34] Pension Expenditures Are Significantly Affected by the Level of Aging - There is a positive correlation between the aging population and pension expenditure, with higher levels of aging leading to increased pension costs [46][48] - Regions like Europe and Central Asia exhibit the highest pension expenditures, averaging 7.4% of GDP, while Sub-Saharan Africa has the lowest at around 1% [53] Coverage of Pensions and Social Insurance - The extent of coverage in pension systems is largely determined by the level of formal employment and the demographic structure of the population [77] - High labor informality and unemployment rates limit the effectiveness of contributory pension programs, impacting overall coverage [77]

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The report aims to provide actionable recommendations to enhance women's participation in the Croatian labor market, addressing barriers and leveraging successful international practices [17][60]. - Women's labor market participation in Croatia has improved but still lags behind EU averages, particularly for younger and older women [18][68]. - The gender pay gap in Croatia is 7.4% in 2023, lower than the EU average of 12.0%, but still significant in certain sectors [24][26]. Summary by Sections Executive Summary - The report identifies barriers to women's employment and outlines opportunities for enhancing their contributions to the labor market [17][18]. - It highlights the need for targeted strategies to address employment gaps, particularly for women aged 15-24 and 55-64 [18][68]. Introduction and Objective - The report emphasizes the importance of increasing women's contributions to the labor market for Croatia's economic growth, especially in light of an aging population and labor shortages [59][60]. - It aims to inform policymakers with evidence-based recommendations to close gender gaps in employment [60][61]. Barriers to Female Labor Force Participation - The report categorizes barriers into individual, sociocultural, structural, and institutional factors that hinder women's employment [27][31]. - Key issues include unequal sharing of family responsibilities, limited childcare access, and insufficient flexible work arrangements [29][30][31]. Government's Planned Initiatives - The report reviews government measures aimed at supporting women's labor market participation and identifies gaps in implementation [29][30]. Actionable Recommendations 1. **Transforming Social Norms**: Promote shared parental responsibilities and gender-neutral career guidance [35][36]. 2. **Improving Childcare Access**: Expand early childhood education and care (ECEC) facilities and align operating hours with working hours [38][39]. 3. **Facilitating Transitions Back to Work**: Enhance flexible work options and provide salary support after parental leave [41][42]. 4. **Supporting Women in Entrepreneurship**: Increase access to financial products and mentorship for women entrepreneurs [44][45]. 5. **Expanding Long-Term Care Facilities**: Develop innovative care solutions and promote women's entrepreneurship in the care sector [50][51]. 6. **Designing Gender-Sensitive Policies**: Implement active labor market policies that address the unique barriers faced by women [53][54].

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The study investigates the impact of large-scale land formalization programs on widows' land access in rural Benin, finding that such programs significantly improve widows' ability to remain in their homes and communities, particularly for those without male heirs [5][14][57]. Summary by Sections Introduction - The introduction highlights the vulnerability of widows in Sub-Saharan Africa regarding land rights, emphasizing the risks they face after the death of their husbands, especially in the absence of male heirs [10][11]. Context, Data, and Empirical Strategy - The study focuses on the Rural Landholding Plans (PFR) program in Benin, which aimed to formalize land rights and improve tenure security for women, particularly widows [31][34]. - Data was collected from a randomized controlled trial involving 3,507 households across 300 PFR villages and control villages [36][35]. Results - The findings indicate that land registration increased the likelihood of widows remaining in their villages by 12 percentage points, translating to a 15% increase compared to control villages [54]. - Among widows without cohabiting sons, the likelihood of staying increased by 21 percentage points, indicating that land formalization effectively substitutes for the protective role traditionally provided by male heirs [55][57]. Discussion of Mechanisms and Welfare Implications - The study discusses how land formalization enhances community recognition of women's land rights and decision-making power, contributing to improved tenure security for widows [15][58]. - It also notes that widows in villages with land formalization were less likely to remarry, suggesting that formalized land rights reduce the risk of losing access to property [60][61]. Conclusion - The report concludes that land formalization programs can significantly strengthen the tenure security of widows, promoting their long-term economic stability and reducing the likelihood of forced migration [5][57].

Investment Rating - The report does not explicitly provide an investment rating for the coal mining industry but emphasizes the importance of sustainable mine closure practices and risk management as critical components for future investments in coal regions transitioning away from coal [19][21]. Core Insights - The document serves as a benchmark for best practices in coal mine closure and post-closure risk management, aiming to guide coal enterprises and development partners in planning for sustainable transitions [19][20][21]. - It highlights the need for comprehensive technical standards for coal mine closure that address environmental reclamation, land stability, and public safety, which are essential for mitigating risks associated with mine closure [32][33][38]. - The report underscores the significance of viewing post-mining lands as opportunities for redevelopment rather than liabilities, advocating for a shift from "mining for closure" to "mining for repurposing" [23][27]. Summary by Sections Introduction - The document outlines the challenges faced in coal mine closures due to varying conditions across countries and emphasizes the need for a standardized approach to ensure effective transitions [19][20]. Module 1: Good Practice in Coal Mine Closure - The report details the principles of sustainable mine closure, which include public safety, land stability, and mitigation of chemical impacts, and emphasizes the importance of integrating these principles into existing regulations [33][38]. - It provides a summary of risks and mitigants that impact the value of post-closure land and resources, highlighting the need for proactive measures to preserve asset value [38][40]. Module 2: Risk Management and Mitigation - The document discusses the importance of a systematic approach to assess the value of remaining assets and the interconnected nature of issues faced during mine closure [43][44]. - It introduces the United Nations Framework Classification (UNFC) as a tool for classifying natural resources and emphasizes the potential of residual materials and methane as valuable resources post-closure [44][45]. Evaluating Resources for Post Closure Future - The report advocates for a comprehensive resource management plan that includes assessing and classifying resources to maximize their value in future developments [43][44]. Assessing Risks During Mine Closure - A risk matrix is presented to evaluate the likelihood and severity of risks associated with mine closure actions, emphasizing the need for careful planning to mitigate potential hazards [48][50].

Investment Rating - The report does not explicitly provide an investment rating for the industry under study Core Insights - Microenterprises are the most prevalent employers in Africa, yet their productivity remains a significant development challenge [4] - Less than 10% of informal business owners in West Africa are members of business associations, with substantial variation across industries [15] - Membership in business associations correlates with higher productivity, profitability, and access to credit, although these benefits are not uniformly distributed across all industries [19][20] Summary by Sections Introduction - Microenterprises provide most off-farm employment opportunities in Africa, but they are often informal and unproductive [10] - The study focuses on the role of business associations in enhancing the performance of microenterprises in West Africa [12] Data Sources - The study utilizes three primary data sources to analyze business associations: the Integrated Regional Survey on Employment and the Informal Sector, the Ghana Informal Sector Measurement Study, and the Informal Sector Enterprise Survey [22][24][28] Membership Patterns - Overall, 7% of microenterprise owners in West Africa belong to a business association, with membership rates varying by country and industry [32] - Membership is higher among specific sectors such as tailors, transporters, and personal service providers [35][41] Nature and Role of Business Associations - Business associations primarily serve as providers of industry-specific services rather than as vehicles for collective action [18] - Members report benefits such as technical training, market information, and assistance with credit and procurement [46] Association Membership and Business Performance - Membership in business associations is associated with improved business performance, including a 14% increase in productivity and a higher likelihood of obtaining loans [52][53] - The correlation between membership and business outcomes is particularly strong among traders, who report significant benefits from association membership [57] Conclusion - Business associations play a limited role in advocating for public goods but serve as service providers for larger, established businesses [60][61] - Future research should explore the implications of these associations for smaller and younger businesses within the informal economy [62]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Women, Business and the Law (WBL) project by the World Bank provides comprehensive data on how laws and regulations affect women's economic opportunities across 190 economies, aiming to inform policy dialogue on gender equality reform [8][9] - The WBL report has evolved to assess not only the existence of laws but also their practical implementation, marking a significant step in understanding women's access to jobs and markets [9] - The project aligns with broader international development goals related to gender equality and sustainable growth, as outlined in the World Bank Gender Strategy 2024–2030 and the United Nations' Sustainable Development Goals (SDGs) [9] Summary by Sections Data Collection and Methodology - The WBL report production cycle consists of five phases: questionnaire design, data collection, data validation, score computation, and publication [12][13] - Data is collected through questionnaires sent to Expert Contributors in 190 economies, focusing on family law, labor law, and violence against women legislation [78][86] - Expert Contributors include professionals from both private and public sectors, providing insights based on their knowledge of legal frameworks [79][80] Data Integrity and Quality Assurance - The WBL team employs a rigorous data review process involving multiple layers of validation to ensure the accuracy and integrity of the collected data [66][70] - Perception-based data undergo a specific validation process to ensure that enforcement perceptions are only scored when relevant laws are in place [69] - The final data set is approved by DECIG Management and shared during the Bank-wide Review process [70] Engagement and Communication - The WBL project engages with Expert Contributors through a structured process, ensuring transparency and quality in data collection [76][84] - The Contributor Management Team oversees relationships with Expert Contributors, facilitating data collection and validation [84] - The project emphasizes the importance of ethical conduct and conflict of interest management among WBL staff [49][53]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Nepal's economic growth accelerated to 4.9 percent in the first half of FY25, up from 4.3 percent in H1FY24, driven by growth in the agricultural and industrial sectors, despite a slowdown in the services sector [18][36] - Headline inflation eased to 5 percent in H1FY25 from 6.5 percent in H1FY24, primarily due to reduced non-food and services inflation, although food and beverage inflation remained elevated at 7.5 percent [20][30] - The current account surplus moderated from 2.8 percent of GDP in H1FY24 to 2.4 percent in H1FY25, influenced by declining remittance inflows and a narrowing trade deficit [21][69] - The fiscal deficit narrowed significantly, reaching near balance in H1FY25, driven by stronger revenue growth outpacing slower expenditure increases [24] Summary by Sections Recent Economic Developments - Real GDP growth accelerated to 4.9 percent in H1FY25, with significant contributions from agriculture and industry, while the services sector experienced a slowdown [18][36] - Natural disasters caused damages equivalent to 0.8 percent of GDP, impacting infrastructure and agriculture [19][42] - The monetary policy stance remained cautiously accommodative, with a reduction in the policy rate leading to record low lending rates [22] - The financial sector faced challenges with a non-performing loans (NPL) ratio reaching 4.9 percent, prompting increased loan-loss provisions [23] Outlook, Risks, and Challenges - Economic growth is projected at 4.5 percent in FY25, with the services sector expected to drive growth, although tourism disruptions may limit growth in accommodation and food services [26][27] - Inflation is expected to moderate to 5 percent in FY25, driven by lower non-food inflation and favorable agricultural output [30] - The current account surplus is projected to narrow over the medium term, primarily due to lower remittance and a widening trade deficit [31] - The fiscal deficit is expected to remain at 2.5 percent of GDP in FY25, with public debt projected to rise to 43.4 percent of GDP by FY27 [32] Real Sector - The agricultural sector grew by 3.6 percent in H1FY25, supported by increased paddy production despite the impact of floods [55] - The industrial sector expanded by 6.6 percent in H1FY25, driven by electricity and manufacturing sub-sectors [50] - The services sector grew by 5.1 percent in H1FY25, with notable declines in financial and insurance activities and accommodation and food services [46] External Sector - The current account surplus moderated to 2.4 percent of GDP in H1FY25, reflecting a decline in remittances and primary income [69] - Official remittance inflows decreased from 12.9 percent of GDP in H1FY24 to 12.4 percent in H1FY25, influenced by a reduction in migrant outflows [74] - Merchandise exports rose to 1.9 percent of GDP in H1FY25, primarily due to increased refined edible oil exports [91]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Lesotho has a unique opportunity to build a new foundation for robust and inclusive growth following a decade of low and unsustainable growth [2][3] - The report emphasizes the critical role of fiscal policy in mitigating macroeconomic volatility and fostering sustainable and inclusive growth [22] - Effective prioritization of policies and investments, sound public financial management, and restoration of fiscal buffers are essential for seizing growth opportunities [21][32] Summary by Sections Part 1: The State of the Economy - Lesotho's economy has experienced a modest recovery, with GDP growth rebounding to an estimated 2.3 percent in 2024 after a contraction of 8.2 percent in 2020 [24][29] - High SACU revenues and renegotiated water royalties have led to fiscal surpluses of 7.1 percent of GDP in FY23/24 and 8.8 percent in FY24/25 [28][86] - The unemployment rate is persistently high at an estimated 16 percent, with significant underemployment in the informal sector [26][62] - Inflation has declined from 6.4 percent in 2023 to 6.1 percent in 2024, creating space for more accommodative monetary policy [25][74] Part 2: Special Focus on Fiscal Policy - The report identifies three reform areas to transform fiscal policy into an engine of inclusive growth: adopting fiscal rules, improving the allocation of spending, and enhancing the efficiency of public spending [40][41] - Implementing fiscal rules and establishing a stabilization fund could help mitigate macroeconomic instability and strengthen the government's long-term fiscal position [41] - The allocation of the education budget should focus on expanding access to quality early childhood care and development, particularly in rural areas [39][42]

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The report aims to provide actionable recommendations to enhance women's participation in the Croatian labor market, addressing barriers and leveraging successful international practices [17][59]. - Despite improvements in women's labor market participation over the past decade, significant gaps remain, particularly for younger and older women compared to EU averages [18][67]. - The gender pay gap in Croatia is 7.4% in 2023, lower than the EU average of 12.0%, but still presents challenges, especially in lower-skilled jobs [24][26]. Summary by Sections Executive Summary - The report identifies barriers to women's employment and outlines opportunities for enhancing their contributions to the labor market [17]. - Employment rates for young women (15-24) and older women (55-64) are significantly lower than their EU counterparts, with only 19.4% and 47.5% employed, respectively [18][67]. - The report highlights the widening gender employment gap for younger women, particularly affecting those with lower education and multiple children [18][71]. Barriers to Female Labor Force Participation - The report categorizes barriers into individual, sociocultural, structural, and institutional factors, emphasizing the interconnectedness of these challenges [27][31]. - Traditional norms regarding family responsibilities disproportionately affect women's labor force participation, with only 3.6% of men taking parental leave in 2023 [29]. - Childcare coverage is insufficient, with nearly 20% of children aged four to six not enrolled in early childhood education and care (ECEC) facilities [29]. Government's Planned Initiatives - The report discusses the government's initiatives to support women's contributions to the labor market, including improving childcare access and aligning coverage with working hours [39]. - It emphasizes the need for flexible work arrangements and support for women entrepreneurs to enhance their economic participation [42][45]. Actionable Recommendations - Recommendation 1: Transform social norms for greater equality in family roles and career choices, including promoting shared parental responsibilities and gender-neutral career guidance [35][37]. - Recommendation 2: Improve childcare access and align coverage with working hours to facilitate women's labor market participation [38][40]. - Recommendation 3: Facilitate smoother transitions back to work after parental leave and expand flexible work options [41][43]. - Recommendation 4: Enhance support for women in entrepreneurship and expand access to diverse income opportunities [44][46]. - Recommendation 5: Expand long-term care facilities and alternative support modes for the elderly to alleviate caregiving burdens on women [50][52]. - Recommendation 6: Design gender-sensitive active labor market policies and social protection measures to address unique barriers faced by women [53][55].

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The paper introduces a new approach to measuring Global Value Chain (GVC) participation, emphasizing the need for accurate metrics for informed policy-making [2][8] - It identifies three modes of GVC participation: pure backward, pure forward, and two-sided, which allows for a more nuanced understanding of how countries and industries engage in GVCs [8][25] - The findings indicate that traditional trade-based GVC metrics significantly underestimate global GVC activity, particularly in sectors like services and upstream manufacturing [9][10] - GVC participation is shown to enhance overall output stability while increasing exposure to external shocks, highlighting its dual role in economic dynamics [11][21] Summary by Sections Introduction - The emergence of GVCs complicates policy-making by introducing new opportunities and risks compared to traditional trade [7] - GVC-led growth strategies can lead to better access to inputs and technology but also present challenges such as income inequality and exposure to imported shocks [7][8] Methodology - The paper develops enhanced accounting measures using inter-country input-output (ICIO) data to assess GVC participation [22] - A tripartite decomposition of GVC trade is introduced, allowing for a comprehensive evaluation of countries' and sectors' engagement in GVC activities [24][25] Findings - Approximately half of GVC production, around USD 10 trillion in 2019, remains unaccounted for when only traditional trade metrics are considered [9] - The new metrics reveal that low and middle-income countries may be more shielded from international disturbances than previously thought during early trade liberalization phases [10] - GVC participation is positively correlated with higher per capita income growth, indicating its significance in economic development [11] Related Literature - The report discusses the need for rigorous measures of GVC participation to inform economic growth and development questions [13] - It highlights the limitations of existing measures and the importance of a comprehensive approach to understanding GVC dynamics [17][18] Conclusion - The paper underscores the importance of accurate GVC measurement for informed policy decisions and economic development strategies [12][21]