Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Bhutan aims to achieve upper-middle-income status by 2029, facing various short-term and long-term challenges, including economic stagnation and high youth unemployment [14][15] - The government needs to implement immediate policy actions and investments to support private sector growth, enhance macroeconomic stability, and improve public sector efficiency [21][22] - The report emphasizes the importance of investing in human capital to improve individual well-being and productivity, which is crucial for economic growth [32][37] Summary by Sections Socioeconomic Constraints Facing Bhutanese Families - A typical family in Bhutan faces significant socioeconomic constraints, leading to considerations of emigration for better opportunities [5][6] - The lack of access to financing and market opportunities hampers business expansion for local entrepreneurs [7][8] Urgency of Reforms - Bhutan has experienced rapid poverty reduction but structural transformation has been slow, necessitating urgent reforms to address economic vulnerabilities [13][14] - The COVID-19 pandemic exacerbated existing economic challenges, leading to a surge in youth emigration [14][16] Investment in Human Resources - Investing in human capital is essential for enhancing productivity and addressing social inequalities [32][34] - The report highlights the need for comprehensive systems to support human capital accumulation throughout the lifecycle [36][37] Early Investments - Early childhood development investments yield high returns, with well-designed programs significantly improving long-term outcomes for children [42][45] - Access to quality early childhood education remains limited, particularly in vulnerable and remote areas [44][45] Adult Investments - The labor market is at a critical juncture, with a need for more quality jobs in the private sector to absorb the educated workforce [56][57] - High-quality health services are essential for maintaining a productive workforce, especially as Bhutan faces an aging population [59][60] Economic Development - Bhutan's economy has grown significantly over the past two decades, but structural challenges remain that could delay its transition to a developed country [72][73] - The government should promote private sector development to create jobs and enhance economic resilience [72][74]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The study evaluates the impact of political favoritism in public procurement on private sector productivity growth, revealing that companies with strong political ties have an 18% to 32% higher likelihood of winning public contracts [4][15][17] - Non-competitive procurement processes lead to stable growth for companies but result in higher profit margins, indicating rent-seeking behavior [17][31] - The absence of favoritism in public procurement could increase the annual total factor productivity (TFP) growth rate by 8%, from 1.5% to 1.63% [17] Summary by Sections Introduction - The research addresses whether political connections only have distributional consequences or also affect economic growth, highlighting the dual nature of political ties [8][9] Data and Methodology - The study combines three novel microeconomic datasets: administrative data on over 4 million companies, public procurement contract data covering over 150,000 contracts, and a new dataset on political connections [12][14][56] - The comprehensive dataset allows for a detailed analysis of how political connections influence public procurement favoritism and its subsequent impact on private sector growth [14][56] Findings - Companies with political ties are more likely to win contracts through unfair competition, with a significant increase in contract awards in non-competitive bidding scenarios [15][17] - The report indicates that only contracts awarded through competitive bidding lead to higher subsequent productivity growth [15][17] - Political connections result in companies receiving higher payments for their products and services, with a rent extraction of 9% to 11% from overpaid contracts [17][31] Conclusion - The findings suggest that political favoritism in public procurement undermines overall economic growth by reducing the efficiency of resource allocation and overall productivity growth [11][25]

Investment Rating - The report indicates a positive outlook for the decarbonization of ammonia and nitrogen fertilizers using clean hydrogen, highlighting its potential to enhance global food security while reducing greenhouse gas emissions. Core Insights - The production of synthetic fertilizers is responsible for 1.8–2.4 percent of global greenhouse gas emissions, and transitioning to clean hydrogen can significantly reduce this carbon intensity [1][2] - Clean hydrogen, produced from renewable sources or low-carbon methods, is essential for decarbonizing ammonia synthesis, which is crucial for fertilizer production [5][17] - The report emphasizes the need for policy adjustments and subsidies to facilitate the transition to cleaner fertilizers and to support farmers in adopting new fertilizer types [24][36] Summary by Sections Decarbonization Potential - The fertilizer industry is vital for global agriculture, but traditional production methods are energy-intensive and reliant on fossil fuels [2][4] - Clean hydrogen can replace fossil fuels in ammonia synthesis, aligning with climate goals such as those set by the Paris Agreement [2][16] Production Challenges - Current estimates for renewable ammonia production costs range from $794 to $1,543 per ton, significantly higher than grey ammonia costs of $121 to $518 per ton [16] - The transition to renewable ammonia production requires stable renewable energy sources and may involve higher costs due to the need for energy storage and infrastructure [14][15] Market Dynamics - Approximately 200 million metric tons of ammonia are produced globally each year, with 170–180 million metric tons used in agricultural fertilizers [25] - The report notes that the prices of natural gas heavily influence ammonia production costs, leading to volatility in the market [27][28] Role of Subsidies - Subsidies are critical in shaping fertilizer prices and supply chains, with conventional fertilizers benefiting from significant government support [36][55] - The report suggests that renewable ammonia will require substantial subsidies to compete with conventional urea, estimated at $500–$1,200 per metric ton by 2030 [36][41] Technological Innovations - Advancements in solar and electrolysis technologies are expected to lower the cost of renewable ammonia, making it a competitive option in agriculture [41] - The report highlights several ongoing renewable and low-carbon ammonia projects globally, showcasing the potential for clean hydrogen in fertilizer production [42][45] Policy Recommendations - Governments should implement robust carbon pricing mechanisms and streamline regulatory processes to support clean hydrogen investments [53][56] - The report recommends addressing the price gap through offtake agreements and developing niche markets for clean fertilizers [57][62]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report emphasizes the need for South Africa to reform public spending to enhance inclusive growth and improve service delivery efficiency [13][14][39] - It identifies three key priorities to improve public spending efficiency: creating fiscal space for current and future public spending, allocating public resources to alleviate constraints on inclusive growth, and enhancing the capacity of the public sector to deliver services [11][42][68] Summary by Sections Public Spending Efficiency - Public spending in South Africa has not generated the expected impact on long-term economic growth and poverty reduction, with the fiscal multiplier declining since 2010 [14][17] - The report highlights that public debt has tripled, limiting the fiscal space available for essential services [16][19] - It notes that public consumption is prioritized over public investment, leading to an infrastructure crisis that hampers economic growth [20][25] Key Actions Proposed - Action 1: Coordinate and consolidate social projects with a focus on results to improve efficiency [41][51] - Action 2: Collaborate with the private sector to enhance service delivery and reduce costs [52][54] - Action 3: Improve public investment management to better allocate resources and address infrastructure needs [59][60] - Action 4: Invest intelligently in programs that enhance the employability of disadvantaged groups in the labor market [62][63] - Action 5: Professionalize the public service to build a high-status bureaucratic elite [65][66] - Action 6: Enhance monitoring systems to ensure accountability and effectiveness in public spending [68] Challenges Identified - The report indicates that the capacity of the public sector to deliver services effectively has declined, which negatively impacts the fiscal multiplier [28][66] - It points out that governance indicators have weakened over the past two decades, affecting the efficiency of public spending [33][34] - The inefficiency of public spending disproportionately affects the poorest segments of the population, despite generous allocations to social welfare [34][39]

Investment Rating - The report does not provide a specific investment rating for the industry Core Insights - The report highlights the significant gender disparity in labor force participation in Nepal, with women being less likely to participate compared to men, primarily due to childcare responsibilities and lack of social protection [8][13][20] - A comprehensive parental benefits framework is necessary to bridge the gap between childcare responsibilities and women's employment [8][20] - The study emphasizes the need for policy changes and sustainable social norm transformations to support women's labor market participation [8][20] Summary by Sections I. National Background and Motivation - Nepal has a large, young labor force with a significant proportion of women, yet formal employment opportunities are scarce, particularly for women [13][15] - The labor force participation rate (LFPR) for women is significantly lower than that of men, with only 26% of women participating compared to 54% of men [13][15] - Women face a substantial wage gap, earning on average 26% less than men, and are more likely to work in informal sectors with limited protections [13][15] II. Literature Review on the Impact of Parental Benefits on Labor Market Participation - Evidence from developed countries shows that parental leave policies are associated with increased female employment [29][30] - In developing countries, mandatory parental leave can positively impact women's employment rates, especially when funded by the government rather than employers [30][33] - The report discusses the widening gap between maternity and paternity leave, which negatively affects women's labor market outcomes [33][34] III. Overview of International Standards on Parental Benefits - The International Labour Organization (ILO) sets minimum standards for maternity leave, recommending at least 14 weeks of paid leave [36][37] - There are no specific standards for paternity leave, which perpetuates gender inequality in caregiving responsibilities [37][38] - The report highlights the need for gender-balanced parental leave policies to enhance women's labor market participation [34][39]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights that the lack of adequately educated workers is perceived as the primary obstacle for businesses in the EU-27, with 27% of companies reporting this issue as a major barrier to operations [2][6][12] - It identifies a significant correlation between the availability of skilled and educated workers and various business performance metrics, such as labor productivity, employment growth, exports, R&D, and management quality [1][12][35] - The report suggests a shift in policy focus from reducing other barriers to ensuring the availability of educated workers as economies develop [1][12] Summary by Sections Education and Skills - Approximately 10% of workers in the EU-27 hold a university degree, with only 30% of companies employing such workers [22][49] - The proportion of skilled production workers is higher in larger firms, exporters, and foreign-owned companies [22][49] - The report indicates that training provided by companies is positively correlated with income levels in NUTS2 regions, with 43% of firms offering training [14][16] Training and Productivity - Companies that provide training exhibit an average labor productivity that is approximately 48% higher than those that do not [21][27] - Training appears to help lower productivity firms catch up to higher productivity firms, potentially impacting overall regional productivity [27][49] Employment Growth - The report finds mixed evidence regarding the relationship between the use of skilled workers and employment growth, with a significant decline in employment growth rates associated with higher shares of skilled and semi-skilled workers [32][34] Management Education - Companies with highly educated top management show significantly higher labor productivity, with a 14% increase compared to those with less educated management [49][50] - The presence of highly educated managers is linked to increased exports, job creation, and R&D activities [50]

优先级 3 将城市打造为经济增 长和经济包容的发动 机 南非政策包 公开披露授权 公开披露授权 © 2024 国际重建与发展银行 / 世界银行 1818 H Street NW, 华盛顿，DC 20433 电 话：202-473-1000；互联网：www.worldbank.org 一些权利保留。 这项工作是世界银行工作人员及外部贡献者的成果。本工作中表达的研究发现、解释和结论并不一定反映世界银行、 其执行董事会或他们所代表的政府的观点。世界银行不对本工作中包含的数据的准确性做出保证。本工作中任何地图 上显示的边界、颜色、名称以及任何其他信息，在世界银行集团方面，并不表示对任何领土法律地位的任何判断，也 不表示对这种边界的认可或接受。 此处内容不构成，也不应被视为对世界银行特权与豁免权的限制或放弃，所有此类特权与豁免权均明确保留。 权利和许可 此作品受Creative Commons Attribution 3.0 IGO许可（CC BY 3.0 IGO）保护（http://creativecommons.org/licenses /by/3.0/igo）。根据Creative Commons Attribu ...

公共信息披露授权 公共信息披露授权 公共信息披露授权 公共信息披露授权 世界银行工作论文 © 2025 国际重建与发展银行 / 世界银行 1818 H Street NW, 华盛顿特区，DC 20433 电话：202-473-1 000；互联网： www.worldbank.org 这项工作是世界银行工作人员及外部贡献者的成果。本工作中表达的研究发现、解释和结论并不一定反 映世界银行、其执行董事会或其所代表政府的观点。世界银行不对本工作中包含的数据的准确性作出保 证。本工作中任何地图上所示的边界、颜色、名称和其他信息并不代表世界银行对任何领土的法律地位 作出任何判断，也不表示对上述边界或其接受的支持或认可。本条款中的任何内容均不构成或被视为对 世界银行特权与豁免权的限制或放弃，所有这些特权与豁免权均特别保留。 增值税改革在津巴布韦的财政和分配影 响 Dhiraj Sharma Taw anda Chingozha M aya Goldman Indir a Iyer Victor Steen bergen 权利与许可 —请按照以下格式引用该作品：Sharma, Dhiraj; Chingozha, Tawan ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Independent Evaluation Group (IEG) is adapting its strategic framework to address multiple global challenges, including climate change, public debt, food insecurity, and the impacts of geopolitical conflicts, which threaten the World Bank Group's mission to end extreme poverty and promote shared prosperity [5][6] - IEG plans to deliver 9 thematic and corporate evaluations, 4-5 Country Program Evaluations (CPEs), and annual reports in FY26, maintaining a focus on pressing development issues and aligning with the World Bank Group's strategic priorities [7][22] Summary by Sections 1. Introduction - IEG's mandate includes assessing the relevance, efficacy, and efficiency of World Bank Group (WBG) operational policies and programs [13] - IEG aims to enhance accountability and generate learning to inform future WBG strategies [14][15] 2. IEG FY26-28 Work Program and Strategic Framework - The FY26 work program includes 9 thematic evaluations and 4-5 CPEs, reflecting a commitment to adapt to evolving global challenges [22] - The strategic framework emphasizes urgent development issues and aligns with WBG's priorities, focusing on thematic streams such as Planet, People, Prosperity, Infrastructure, and Digital Technology [23][26] 3. Thematic Directions - IEG is developing Theories of Change (ToCs) for thematic streams to guide evaluation questions and prioritize evidence gaps [28] - Proposed evaluations include Food and Nutrition Security (FY26), Emergency Health Preparedness (FY26), and Vocational and Jobs Training (FY27), addressing critical areas of development [36][46] 4. Human Resources and Budget - IEG requests a budget of $46.1 million for FY26, representing a 3.8% increase, aimed at enhancing data analytics and validation work [11] 5. Proposed FY26-28 Evaluation Pipeline - The evaluation pipeline includes thematic evaluations on climate resilience, health preparedness, and infrastructure, with a focus on cross-cutting themes such as gender and fragility [79][80]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report emphasizes that AI has the potential to transform financial sector supervision, particularly through risk-based supervision (RBS), which has been the gold standard for the past two decades [12][13] - AI can enhance the efficiency and effectiveness of supervisory processes, enabling proactive and preventive measures even in resource-constrained environments [13][15] - The integration of AI into supervisory practices is seen as a game-changer, allowing for automation of routine tasks and improved data processing capabilities [14][35] Summary by Sections Executive Summary - AI is poised to revolutionize the financial sector, particularly in risk-based supervision, which has faced implementation challenges globally [12][18] - The report highlights the need for supervisors to adapt to AI technologies to enhance their capabilities and address existing challenges [12][18] Main Challenges Faced by Financial Sector Supervisors - Supervisory authorities struggle with implementing effective RBS due to limited human resources and outdated processes [19][28] - The report identifies key challenges such as data quality, granularity, and the need for advanced analytical tools [39][53] - Many supervisors have not fully adopted advanced supervisory technologies, which hampers their ability to effectively implement RBS [26][30] Empowering Financial Supervisors with AI Capabilities - AI can automate time-consuming tasks, allowing supervisors to focus on high-risk activities [64][65] - Machine learning and natural language processing can enhance data analysis and improve compliance monitoring [66][67] - AI technologies can help address data quality issues and improve the granularity of data collected by supervisory authorities [70][72] Use Case of AI in Supporting Activities of Supervisory Authorities - Financial institutions are expected to provide large amounts of data, and AI can analyze this data to uncover trends and anomalies [90][91] - Predictive risk modeling using AI allows for proactive risk management, enabling authorities to mitigate potential issues before they escalate [91][92] - Examples of AI adoption by financial authorities include the Australian Securities and Investments Commission's Market Analysis and Intelligence system, which generates real-time alerts for market anomalies [95][96]