Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Vietnam has experienced impressive economic growth and poverty reduction over the last few decades, but recent evidence indicates that economic growth has not been uniform, with rising within-province inequality and increasing segregation of the poor, particularly among ethnic minority populations [3][8][52] - Economic growth has a beneficial impact on poverty reduction, but this relationship can be influenced by levels of inequality, which can negatively affect economic growth and various poverty indicators [3][13][52] - Policymakers in Vietnam should focus on reducing spatial disparities and income inequality to achieve sustainable economic development [3][52] Summary by Sections Introduction - The report highlights the intertwined relationship between poverty, inequality, and economic growth, emphasizing the need to address both poverty and inequality as part of the Sustainable Development Goals [7][8] Trends in Economic Growth, Inequality, and Poverty - Between 2002 and 2020, per capita income in Vietnam increased from 4,565 thousand dong to 15,156 thousand dong, and real per capita expenditure more than tripled from 3,476 thousand dong to 14,251 thousand dong [19][20] - The Gini index for per capita expenditure averaged 0.37, indicating steady levels of inequality, with within-province inequality increasing significantly over time [21][23] - The headcount poverty rate decreased from 29% in 2002 to less than 10% in 2016 and around 5% in 2020, demonstrating significant poverty reduction [24][25] Regional Distribution of Poverty - Poverty rates vary significantly across provinces, with the lowest rates in Ho Chi Minh City (1.8%) and the highest in northwest provinces like Dien Bien (62%) [26][28] - The report indicates a rise in the segregation of the poor, with certain provinces experiencing disproportionate increases in their share of the poor population [29][31] Relationship Between Economic Growth, Inequality, and Poverty - The analysis shows that a 1% increase in per capita expenditure reduces the poverty rate by 0.26 percentage points, while a similar increase in the Gini index has a negative impact on poverty severity [35][36] - Provinces with higher shares of urban population and non-farm income tend to have lower poverty rates, while those with greater population density experience higher poverty levels [37][49] Discussion and Conclusion - The report concludes that while Vietnam has made substantial progress in reducing overall poverty, targeted policies are necessary to address the increasing segregation of the poor and rising inequality within provinces [52][54] - The findings suggest that economic transitions towards wage and service economies could benefit growth and poverty reduction but may also exacerbate poverty segregation [52][49]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The study indicates that technology and digitalization positively influence the adoption of environmental and social standards among digital-oriented firms, while governance standards are found to be lower [5][14][20] - The findings emphasize the role of country culture, regulatory burdens, and perceptions of the judicial system in shaping the ethical standards adopted by digital-oriented firms [5][16][17] Summary by Sections Introduction - The report highlights the growing global interest in ethics and sustainability in firm management, linking these concepts to the United Nations' Sustainable Development Goals (SDGs) [9] - It discusses the dual nature of technology's impact on sustainability, presenting both opportunities and risks [10] Methodology - The analysis utilizes data from the World Bank Enterprise Surveys, covering 192,132 observations across 158 countries from 2006 to 2023, focusing on environmental, social, and governance (ESG) standards [12][25] - The study defines digital-tech-oriented firms based on their technological and digital presence [30] Findings - Digital-tech-oriented firms are more likely to monitor CO2 emissions and provide employee training, indicating a positive relationship with environmental and social standards [14][58] - However, these firms show a negative correlation with the employment of female top managers, suggesting a widening gender gap in leadership roles [59][74] - Cultural factors significantly influence the hiring of female top managers, particularly in countries with strong masculine preferences [16][63] Regulatory Environment - The report finds that a lower regulatory burden positively impacts the monitoring of CO2 emissions and the provision of training programs, but it also widens the gender gap in management positions [66][67] - Perceptions of courts as obstacles to business affect the hiring of female top managers, with fewer constraints leading to a lower representation of women in leadership [70][78] Conclusion - The relationship between technology and ethical practices is complex, with technology enabling better monitoring and training but also contributing to gender disparities in management [74][81] - The study underscores the importance of considering firm- and country-specific factors in promoting ethical business practices and addressing gender inequality [81]

Investment Rating - The report does not provide a specific investment rating for the industry Core Insights - The concept of agency is central to empowerment, defined as the ability to define one's goals and make choices to achieve them [9] - Traditional measures of agency often underestimate the influence of individuals who do not directly participate in decision-making, particularly in rural households [5][11] - The study identifies two forms of effective power: effective power by proxy and effective power by influence or persuasion, highlighting the complexity of decision-making dynamics within households [5][27] Summary by Sections Introduction - Empowerment is linked to the ability to make strategic decisions and influence outcomes, with agency being a key component [9] - Agency is often measured through direct involvement in decision-making, but this may not accurately reflect an individual's power [10][11] Data and Methodology - The study utilized mixed methods data from rural households in Kilifi County, Kenya, collected between October 2022 and March 2023 [12][31] - The survey included both household and individual questionnaires, focusing on decision-making related to water collection and household expenditures [31][32] Decision-Making Dynamics - The report reveals that only 13% of men and 33% of women are directly involved in making decisions across various activities [41] - Women are less likely to participate in financial decisions, while men often do not engage in water-related decisions, which are typically seen as women's responsibilities [42][43] Effective Power - Effective power by proxy is more common among men, allowing them to have their preferences met without direct involvement in decision-making [55] - Women with effective power by proxy are less likely to achieve their desired outcomes compared to men, indicating a disparity in power dynamics [57] - Effective power through influence or persuasion allows individuals to shape decisions indirectly, often to avoid negative consequences [59][62] Conclusion - The findings suggest that measuring agency requires a nuanced understanding of decision-making processes and the various forms of power individuals may exert, even when not directly involved [18][26]

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - Dynamic social registries (dSRs) are essential for adaptive social protection (ASP) in shock-prone contexts, enabling timely identification and support for vulnerable populations affected by climate-related shocks [2][10][11]. - The operationalization of dSRs involves direct and indirect data collection, various intake modalities, and modular questionnaires to ensure continuous updates and accurate assessments of household welfare [2][13][24]. - Key recommendations for implementing dSRs include establishing a permanent client interface for data collection, adopting a modular structure for socioeconomic questionnaires, ensuring interoperability with other data sources, and promoting peer-to-peer learning [2][13][24]. Summary by Sections 1. Introduction - The increasing frequency of interconnected shocks, particularly climate-related, necessitates effective systems to assess the changing welfare of populations [9][10]. - Social registries serve as critical delivery systems for social protection, enabling the collection and processing of demographic and socioeconomic data [9][10]. 2. Social Registries: Roles and Challenges - Social registries facilitate the intake, registration, and assessment of needs for social protection programs, addressing inclusion and coordination challenges [15][18]. - The concept of data half-life highlights the rapid obsolescence of data in static registries, emphasizing the need for dynamic systems to maintain accuracy [19][20][21]. 3. Dynamic Intake and Registration - dSRs are designed to continuously intake and update data, allowing for timely assistance during shocks and improving the effectiveness of ASP programs [24][25]. - The suitability of dSRs for shock-prone contexts is enhanced by their ability to combine direct and indirect data sources [24][31]. 4. Data Collection Trade-offs - Policymakers must balance data quality, coverage, timeliness, and privacy risks when designing social registries [65]. - The accuracy of needs assessments is contingent on the quality of underlying data, which can be influenced by various factors including the method of data collection [66]. 5. Case Study: Pakistan's Transition - The report includes a case study illustrating Pakistan's transition from a static to a dynamic social registry, showcasing the benefits of adopting dSRs [2][5]. 6. Recommendations and Conclusions - The report concludes with actionable recommendations for the operationalization of dSRs, emphasizing the importance of continuous data updates and integration with existing systems [2][13][24].

Investment Rating - The report indicates a strong ambition among telcos to transform into telecom techcos, with 80% aiming for this transition within the next three to five years, driven by the need to overcome stagnant revenues and improve efficiency [3][46]. Core Insights - The core of the transformation involves autonomous cloud network platforms, which leverage cloud-native technologies, automation, and AI to unlock new revenue streams such as AI-driven services and network APIs [3][52]. - Despite the potential, progress is slow, with only 28% of telcos expecting to achieve high autonomous network maturity within three years, highlighting a reliance on non-cloud-native architectures [3][60]. Summary by Sections Executive Summary - 80% of telcos are pursuing a telecom techco vision within three to five years, primarily to address stagnant revenues and improve efficiency [3]. - Autonomous cloud network platforms are central to this shift, enabling new revenue streams [3][52]. - Only 28% of telcos expect to reach high maturity in autonomous networks within three years [3][60]. Recommendations 1. **Link Network Modernisation to Telecom Techco Strategy** - 82% of telcos aim to embody the telecom techco model within three to five years, driven by the need to improve financial performance [46]. - The top 160 listed telcos saw a 32% decline in market capitalisation from 2019 to 2023, while leading tech companies grew by 75% [8]. 2. **Pursue AI and Automation Use Cases** - Automation and AI are projected to generate financial benefits equivalent to 5% of telco revenues [10]. - The majority of telcos prioritize implementing AI/ML and automation in the next 12-18 months [10][70]. 3. **Leverage Open Source** - 92% of telcos report a maturity level of 2 or below in autonomous networks, indicating a need for open-source solutions to overcome vendor dependency [15][96]. - Telcos with high open-source adoption are 57% more likely to implement advanced cloudified network architectures [16][101]. Challenges - Significant challenges include unclear business cases, performance gaps in cloud-native stacks, and a lack of management orchestration tools [5][43]. - 94% of telcos have not implemented open RAN, indicating a slow adoption of innovative solutions [15][68]. Market Context - The report highlights that telcos are at risk of not reaching the maturity levels expected of a telecom techco, with 92% still at low maturity levels [60]. - The financial performance gap between traditional telcos and leading tech companies underscores the urgency for transformation [50][51].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The evolution towards 6G network architecture is in its early stages, with varying levels of 5G maturity among Mobile Network Operators (MNOs) leading to diverse perspectives on the evolution path [10] - 6G aims to address gaps and limitations of 5G, including network complexity, energy efficiency, limited coverage, and scalability [11][25] - The architecture must support new scenarios and requirements, including AI, sensing, and immersive communications [12][32] - Key design principles for 6G architecture include enabling innovation, modular deployment, operational simplicity, sustainability, and trustworthiness [14][49] Summary by Sections Executive Summary - NGMN initiated studies to guide network architecture evolution towards 6G, exploring key factors influencing architecture changes, design principles, and challenges [9] Factors Influencing Architecture Evolution - 5G has introduced significant advancements but still faces challenges such as network complexity and energy efficiency [11][25] - New scenarios and requirements for 6G include support for IMT-2030 capabilities and new services like AI-driven interactions and sensing-assisted communication [12][32] - The potential for a new air interface and emerging technologies must be carefully evaluated to manage complexity [13][35] 6G Network Architecture Design Principles - The architecture should facilitate innovation and be designed for sustainability, security, and resilience [49][50] - Key principles include modular deployment, operational simplicity, and ensuring interoperability with existing networks [54][60] Challenges & Way Forward - The transition from 5G to 6G faces challenges such as achieving consensus during standardization and managing complexity [66][69] - NGMN emphasizes the need for collaboration across the industry to ensure a successful transition and to develop migration strategies [67][68]

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 indicates a growing demand for insurance due to climate change, suggesting a positive investment outlook for the P&C industry as it adapts to new risks and opportunities [2][16]. Core Insights - Climate change is causing an increase in the frequency and severity of natural disasters, leading to a significant rise in insured losses, with global insured losses from natural catastrophes reaching US$89 billion in 2020 [5][9]. - The protection gap between economic and insured losses is widening, driven by a retreat from the market in response to rising losses, which could lead to an unacceptable level of "uninsurable risks" [11][14]. - Insurers must embrace nontraditional data and modeling techniques to better assess risks associated with climate change, as reliance on historical data is becoming less effective [20][21]. Summary by Sections The Protection Gap - Natural disasters are occurring four times more frequently than in 1970, with secondary perils causing the majority of insured losses in recent years [4][6]. - The protection gap for global weather-related catastrophes has been increasing since 1980, indicating a growing disparity between economic losses and insurance coverage [12]. Insurance Demand and Market Response - The demand for insurance is expected to rise as individuals and businesses seek protection from extreme weather, creating both opportunities and responsibilities for insurers [15][16]. - Insurers are responding to the challenging environment by increasing premiums and exclusions, with a trend of non-renewal for high-risk perils [10][14]. Data Gaps and Challenges - The industry's reliance on traditional models limits its understanding of future climate risks, with estimates of exposure to natural catastrophe risk potentially underestimated by 33% to 50% [21][24]. - There is a need for granular data to assess secondary perils effectively, as current data sets are often inaccessible or outdated [19][25]. Steps for Improvement - Insurers should leverage existing data more effectively, invest in new types of data, and enhance their infrastructure to process and analyze data in real-time [25][34]. - The adoption of nontraditional data sources, such as drone and satellite imagery, can improve risk pricing and product development [30][32]. Conclusion - The insurance industry has a critical role in mitigating the impact of climate change, with small improvements in coverage potentially leading to significant reductions in disaster costs [38]. - A proactive approach to closing the protection gap is essential for maintaining relevance in a changing market, as demand for insurance is expected to grow [39][42].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The insurance industry is experiencing a shift towards hyper-digitalization, with consumers expecting seamless digital interactions and insurers seeking to innovate and optimize operations [2][4] - Claims management is identified as a critical function, with a focus on creating a frictionless experience for all stakeholders involved [4][19] - Digitalization and advanced technologies such as AI and machine learning are essential for enhancing claims processes, improving operational efficiency, and increasing customer satisfaction [5][14] Summary by Sections Introduction - The digital environment is evolving, leading to heightened consumer expectations for service interactions [2] - Insurers are motivated to innovate and engage customers while optimizing their operations [2] Claims Management - Claims management is complex and involves multiple stakeholders who desire a seamless process [4] - Policyholders expect transparency and quick settlements, while claims adjusters seek efficient workflows [4][6] Technology Integration - New technologies enable proactive risk management and streamline claims processes, enhancing customer experiences [5][14] - Integration of service providers into the claims workflow is crucial for efficiency [9] Customer Expectations - Policyholders demand speed, convenience, and transparency, particularly during claims [6] - A survey indicated that quick claims payment is a top priority for consumers in the UK (40%), France (63%), and Germany (70%) [6] Claims Adjuster Insights - Claims adjusters require access to comprehensive data and insights to make informed decisions [8] - Automation of simple tasks allows adjusters to focus on more complex claims, improving overall efficiency [8] Connected Claims Management - The goal is to create a connected claims management system that integrates various stakeholders and services [19] - Guidewire's platform offers a marketplace for insurers to access innovative solutions and streamline operations [20][21] Future of Claims Management - Guidewire's Claims Autopilot aims to automate claims handling, enhancing customer experiences and reducing operational costs [22][23] - The future of claims management emphasizes a digital, smart, and connected approach to improve satisfaction and efficiency [28][29]