Investment Rating - The report indicates a positive investment outlook for the e-commerce industry, particularly for companies that prioritize technology and innovation [2][3]. Core Insights - E-commerce is experiencing a fundamental transformation driven by technology, particularly generative AI, which is reshaping customer interactions and company operations [2][3]. - Leading companies are investing significantly in technology and digital channels, distinguishing themselves from laggards who are more focused on cost-cutting [5][11]. - The report outlines five critical truths for success in next-gen e-commerce, emphasizing the importance of strategic investment, internal talent development, and technology integration [2][3]. Summary by Sections Investment Strategies - Leaders in e-commerce are adopting an "attack" mindset, prioritizing investments in generative AI and digital channels, with nearly 20% of leaders making generative AI their top priority compared to less than 5% of laggards [5][6]. - Approximately 30% of leaders plan to allocate over 10% of their e-commerce budget to generative AI in the next year, while fewer than 10% of laggards are making similar commitments [5][6]. Technology and Talent - Companies are increasingly recognizing the need to build internal tech talent rather than relying on external vendors, with about 50% more leaders increasing investment in hiring technical talent compared to laggards [17]. - Leaders are twice as likely as laggards to prioritize technology as a strategic asset, with nearly 20% planning to invest over $100 million in e-commerce technology infrastructure [17][18]. Digital Channels and Customer Engagement - Leaders are extending their digital touchpoints, with significant investments in online marketplaces (60% vs. 54% for laggards) and social commerce (63% vs. 50% for laggards) [11][12]. - More than 40% of leaders derive significant revenue from shopping events, while almost 25% of laggards do not participate in such events [12][14]. Integration and Omnichannel Strategy - Successful companies are integrating online and offline channels to enhance customer experiences, with 15% of leaders reporting well-integrated channels compared to only 2% of laggards [20][21]. - The report emphasizes the importance of a centralized operating model that empowers autonomous teams to drive e-commerce initiatives effectively [22][23].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report emphasizes the urgent need to expand retirement savings coverage for informal workers in Indonesia, highlighting that informal workers constitute 60% of the total workforce, yet less than 10% actively contribute to retirement savings schemes [11][12][14] - It identifies the challenges faced by informal workers in participating in retirement savings programs, including low income, geographical barriers, and lack of financial literacy [15][17][59] - The report suggests that a tailored approach is necessary to address the diverse needs of informal workers, as a one-size-fits-all strategy is ineffective [15][60] Summary by Sections A. Introduction - Indonesia's National Social Security System (SJSN) was launched in 2004, aiming to provide protection against health and employment-related risks for all workers [9][10] - Despite the establishment of various social security programs, the coverage for informal workers remains low, with only 7.5% contributing to annuitized pension programs and 9.4% enrolled in public defined contribution pensions [12] B. Who are Indonesia's Informal Workers? - Informal workers are defined primarily by their employment status, with approximately 78 million informal workers identified in 2021 [18] - The report categorizes informal workers into four groups based on their employment characteristics, with non-digital non-salaried workers being the largest group [28] C. Informal Workers' Retirement Savings Coverage - On average, 43% of informal workers have some form of retirement savings, but only 17% contribute to a retirement savings scheme managed by BPJS or other private plans [43][44] - Coverage is highest among salaried workers with contracts (74%) and digital non-salaried workers (64%), while it is lowest among non-digital non-salaried workers [44] D. Understanding the Challenges to Retirement Savings Participation - The report identifies unavailability of funds as the primary reason for not saving for retirement, with 84% of respondents citing this issue [57] - Other challenges include unfamiliarity with the JHT program, perceived ineligibility, and concerns over income irregularity [58][60]

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - Social protection programs in the Sahel have been shown to improve various outcomes for beneficiaries, including consumption, productivity, resilience to climate change, and health and education for future generations. These programs also positively impact local economies and can strengthen social cohesion by addressing poverty and vulnerability [2][10][36]. Summary by Sections Part 1: Conceptual Framework - Social cohesion is defined as the relationships among members of society and the state, characterized by trust, inclusive identity, and cooperation for the common good [11][12]. - Social protection can affect social cohesion through various pathways, including direct program activities and indirect outcomes such as reduced poverty [16]. Part 2: Current Evidence on Social Protection's Impact on Social Cohesion - **Horizontal Social Cohesion – Within Groups** - Safety nets in Mauritania improved trust and cooperation among community members [21]. - Economic inclusion interventions in Niger and Burkina Faso increased trust and cooperation for the common good among program participants [22]. - Beneficiaries in Mali increased resource-sharing with non-beneficiaries, indicating cooperation for a larger good [23]. - **Horizontal Social Cohesion – Between Groups** - Limited evidence exists on the impacts of social protection on social cohesion between displaced communities and host communities [29]. - **Vertical Social Cohesion – Between Citizens and State** - Perceptions of fairness in selection processes vary significantly, influencing trust in the implementing agency [31]. - In Niger, a majority of non-selected individuals exhibited vertical trust regarding the beneficiary identification process [31]. Conclusions and Next Steps - Social protection has demonstrated positive impacts on social cohesion in the Sahel, but negative dynamics can also occur. The evidence base has gaps, particularly regarding the experiences of non-beneficiaries and the impacts on social cohesion between different communities [36][37]. - Future research will focus on understanding the mechanisms through which social protection impacts social cohesion and identifying design features that can enhance these impacts [38].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Population mobility in the Sahel is crucial for livelihoods and economic security, driven by economic motives such as wage differences, as well as non-economic factors like marriage and education [2][6] - Insecurity and climate change have led to an increase in distressed migrants and internally displaced persons (IDPs) [2][3] - Adaptive Social Protection (ASP) programs need to be adjusted to support migrants and their families, ensuring they are not penalized [3][4] Summary by Sections Key Recommendations - Policy frameworks for social protection should reflect mobility-related considerations and improve access to basic services and information on safe migration practices [4][5] - Operational modifications to ASP programs should ensure that migrants do not miss out on benefits due to administrative blind spots [4] Introduction - Economic factors significantly influence population mobility in the Sahel, with many seeking better livelihoods due to poverty and unemployment [6][7] - Internal mobility can diversify income and enhance resilience against climate and conflict-related shocks [6] Describing Internal Mobility - Over 47 million individuals in the Sahel have previously resided elsewhere within their country, with internal migration patterns varying by country [8][10] - Economic motives are the primary driver of voluntary internal mobility, with 77% of surveyed migrants citing economic reasons [10] Patterns of Voluntary Internal Mobility - Migration predominantly occurs along an east-west axis towards labor-intensive work centers, with rural-to-rural migration being significant in several countries [13][14] - The willingness to migrate varies, with 20% in Mali to 41% in Senegal expressing a desire to move [13] Forced Migration - Violent conflict and climate change are increasing forced migration, with IDPs projected to rise from 3.4 million in 2022 to 4.2 million by 2025 [16] - Climate change exacerbates economic migration, intertwining voluntary and forced migration dynamics [16][17] Labor Market Profiles of Voluntary Internal Migrants - Unemployment is common among internal migrants in urban areas, with the tertiary sector being the most prevalent area of work [18][20] - Higher education correlates with higher wages in urban areas, although exceptions exist [20] Vulnerabilities Associated with Migration - Migrants face risks such as social isolation, lack of access to services, and exploitation during transit and at destinations [22][23] - Many migrants experience unemployment and underemployment, leading to economic precarity [23] Implications for Adaptive Social Protection Programs - ASP must be designed to support the needs of mobile populations, recognizing migration patterns and adjusting policies accordingly [24][28] - Program eligibility criteria should be reviewed to ensure internal migrants can benefit from ASP programs [29] Conclusion - Modifications to ASP programs should integrate mobility-related considerations to enhance support for migrants and maximize the benefits of population mobility in the Sahel [37]

Investment Rating - The report does not provide a specific investment rating for the industry. Core Insights - Internal migration is a significant and growing phenomenon, with an estimated 763 million internal migrants globally as of 2013 and 71.1 million internally displaced persons (IDPs) by the end of 2022, driven by urbanization and climate change [2][10] - Social protection programs often fail to adequately address the unique challenges faced by internal migrants and IDPs, highlighting the need for reforms in eligibility criteria and program design to better support these populations [3][11] - A comprehensive approach is necessary to integrate internal migration into social protection systems, ensuring that the needs of internal migrants and IDPs are effectively met [4] Summary by Sections Introduction - The rationale for the paper emphasizes the large scale of internal migration, with over 763 million people estimated to have migrated within national borders [10] - The global situation and trends in internal migration, particularly in the Sahel region, are discussed, noting the various forms of migration and the socio-economic factors driving these movements [12][17] Analytical Approach and Scope - The paper aims to advance knowledge on internal mobility and social protection, focusing on the Sahel region and its adaptive social protection systems [22] - Definitions of internal migration and internally displaced persons are provided, clarifying the scope of the review [23][24] Lessons Learned on Integrating Migrants in Social Protection Systems - Social protection can play a crucial role in supporting internal migrants, but many programs do not accommodate their specific needs [34][35] - Challenges in eligibility criteria, targeting methods, and enrollment processes are identified, with potential solutions proposed to enhance access for internal migrants [40][47][62] - The importance of dynamic social registries and community-based targeting is highlighted as a means to improve the inclusion of internal migrants in social protection programs [55][60]

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The study assesses tax compliance and underreporting of labor income in Romania, particularly among minimum wage workers, highlighting the links between tax compliance and minimum wage policy [3][7][12] - The average underreporting of income in Romania is estimated at 6%, with significant underreporting observed in the lower half of the income distribution [3][46] - Tax compliance varies across different sectors, regions, and demographic groups, with transport, construction, and food and accommodation sectors showing the lowest compliance rates [3][12] - Women exhibit higher tax compliance compared to men [3] - The underreporting of income negatively impacts the fiscal capacity of the country and the effectiveness of means-tested social assistance programs [3][12] Summary by Sections Introduction - The report aims to evaluate tax compliance and underreporting of income in Romania, focusing on minimum wage earners and the implications for tax policy and equity [7][8] Methodology and Data - The study employs statistical matching techniques to compare tax returns with survey data, utilizing administrative tax records and EU-SILC data to assess tax compliance [16][21][30] - The analysis includes a comprehensive review of various methods to estimate tax evasion, highlighting the challenges of data integration and the importance of accurate income reporting [16][17][21] Results - The findings indicate that tax-reported income at the median is only 90% of the true income, with significant discrepancies noted at lower income percentiles [3][46] - The mean tax income is reported to be 1.2% lower than the mean survey income, while the imputed tax income is 6.6% higher than the mean survey income [43][44] - The report emphasizes the need for improved tax compliance mechanisms to enhance fiscal sustainability and social equity [10][12] Conclusion - The study concludes that addressing tax evasion is crucial for improving the effectiveness of the tax system and promoting greater income equality in Romania [10][12]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Fuel subsidies are generally inefficient and disproportionately benefit wealthier households, leading to significant socio-economic costs [10][11][38] - The removal of fuel subsidies can generate substantial fiscal savings but requires careful management to mitigate economic and social impacts [39][42] Summary by Sections Section 1: Global Oil Price Trends - World oil prices have shown significant volatility, with a fourfold increase from September 2003 to June 2008, followed by drastic drops and subsequent rises, peaking at US$114 per barrel in July 2022 [6] - The overall trend in 2023 fluctuated around US$80.5 per barrel, influenced by geopolitical events and economic cycles [6] Section 2: Impact of Rising Oil Prices - Rising oil prices negatively affect household living standards and increase production costs, particularly impacting the poorest households [7] - Fuel subsidies have increased globally, with total fossil fuel subsidies rising from 5.4% of GDP in 2015 to 7.1% in 2022 [8] Section 3: Inefficiency of Fuel Subsidies - Fuel subsidies are poorly targeted, benefiting richer households more than poorer ones, with the richest 20% gaining over six times the benefits compared to the poorest 20% [10] - These subsidies compromise fiscal sustainability and hinder growth-enhancing expenditures [11] Section 4: Strategies for Addressing Oil Price Rises - Gradual removal of fuel subsidies is recommended, coupled with alternative social programs to mitigate negative impacts on poor households [15][16] - Cash transfer programs targeting low-income households can effectively replace fuel subsidies, with simulations indicating a potential 86% reduction in negative effects from higher fuel prices [16] Section 5: Case Studies of Fuel Subsidy Reforms - Successful fuel subsidy reforms often include social measures to mitigate the impact on households, with examples from South Africa, Brazil, and the Philippines [20] - The experience of Angola highlights the importance of timing and sequencing in subsidy reforms, as well as the need for synchronized compensation measures [40] Section 6: Angola's Fuel Subsidy Context - Angola's fuel subsidies have been substantial, with fuel prices in 2011 being 67% lower than the Sub-Saharan Africa average [22] - The government has implemented a multiphase approach to fuel subsidy reform, with significant price increases in 2023 and 2024 aimed at gradually aligning prices with market levels [24][29] Section 7: Economic Impact of Subsidy Removal - The removal of subsidies is projected to result in a cumulative price increase of around 5.0%, with the highest impacts in the fisheries and transportation sectors [2][32] - Fully compensating for price increases in these sectors would absorb approximately 30% of the savings generated from subsidy removal [32][37]

Industry Overview - The report focuses on the competition policy in digital markets, particularly the combined effect of ex ante and ex post instruments in G7 jurisdictions [1][3] - Regulators are increasingly concerned about the market power of large digital platforms and their influence across markets, leading to debates on the effectiveness of competition law enforcement in addressing digital competition concerns [3] - The OECD was tasked with compiling an inventory of legislative reforms aimed at addressing digital competition issues in G7 jurisdictions, with the analysis expanding to non-G7 jurisdictions in 2023 [4] Core Findings - The report highlights the convergence and divergence between regulatory regimes proposed to address digital competition concerns, focusing on key competition issues and enforcement patterns in G7 countries [6] - It analyzes recent antitrust cases to identify problematic conducts and the remedies implemented by competition authorities, with a focus on the complementarities and overlaps between ex ante and ex post instruments [7] - The report also examines the extraterritorial effects of national enforcement activities in digital markets, particularly how platforms' compliance strategies may impact global markets [7] Key Competition Concerns Anti-Steering Practices and MFNs - Anti-steering practices and most-favored-nation (MFN) clauses have been a major focus of competition enforcement, with platforms like Apple and Amazon facing scrutiny for restricting business users from offering better terms or steering consumers to alternative channels [13][14] - Remedies in these cases often require platforms to remove or not enforce anti-steering and MFN provisions, with similar measures being incorporated into ex ante regulations like the EU's Digital Markets Act (DMA) [18][19] Use of Data - The accumulation and use of user data by large platforms have raised competition concerns, particularly around platforms leveraging data to gain unfair advantages in related markets [22] - Enforcement actions have targeted platforms like Amazon and Meta for using non-public data from business users to inform their own retail or advertising decisions, with behavioral commitments being accepted to address these concerns [23][24] Self-Preferencing - Self-preferencing, where platforms favor their own products or services over those of competitors, has been a growing concern, with investigations targeting Amazon, Google, and Apple [30][31] - Remedies in these cases vary, with some jurisdictions considering structural remedies, such as requiring divestitures, to address the underlying conflicts of interest [33] Tying and Bundling Practices - Tying and bundling practices, particularly in mobile operating systems and app stores, have been a longstanding focus of competition enforcement, with Google and Apple facing multiple investigations [37][38] - Remedies have included allowing alternative payment systems and improving interoperability, with ex ante regulations like the DMA also addressing these issues [42] Compliance and Extraterritorial Effects - Platforms generally tailor their compliance measures to the jurisdiction at stake, with limited extraterritorial effects observed [47][48] - However, in some cases, platforms have made global changes in response to enforcement actions, particularly when multiple jurisdictions investigate the same conduct [49][53] - The report notes that platforms' compliance strategies are influenced by the costs and benefits of maintaining differentiated operations across jurisdictions, with potential fragmentation of services and outcomes for users [57][58] Conclusion - The report concludes that ex ante regulations and traditional antitrust enforcement will continue to play complementary roles in addressing competition concerns in digital markets, with ongoing uncertainty about the effectiveness of remedies and compliance strategies [61][62] - International cooperation and knowledge sharing will be critical to mitigate the risks of fragmentation and ensure consistent outcomes across jurisdictions [67]

Investment Rating - The report does not provide a specific investment rating for the industry Core Insights - The paper highlights the significant impact of domestic laws on government procurement, particularly focusing on protectionist measures that favor domestic suppliers over foreign competitors [2][9] - A novel dataset covering 141 countries reveals that 124 countries have preferential treatment provisions, indicating a widespread adoption of protectionist policies [2][11] - The analysis shows a negative correlation between protectionist procurement policies and trade openness, with countries exhibiting more protectionist laws trading more domestically than internationally [2][12] Summary by Sections Introduction - Government procurement accounts for 12% of global GDP as of 2019, with increased scrutiny on its allocation due to the COVID-19 pandemic and geopolitical crises [7] - Governments utilize procurement to achieve socioeconomic goals, which can lead to protectionist policies that limit foreign supplier participation [8] Literature Review - The literature indicates that protectionist rules in government procurement can significantly affect trade flows and economic efficiency [20][22] - Empirical studies have shown that countries with higher government spending tend to import less, suggesting the presence of protectionism [23] Data and Descriptive Evidence - A unique dataset was compiled to analyze procurement laws and trade data, focusing on discriminatory practices against foreign firms [28] - The analysis identifies three main types of protectionist measures: lack of equal treatment, preferential treatment for domestic bidders, and domestic sourcing requirements [30][31] Results on Trade Openness and Protectionism - Cross-country regression results indicate that countries with protectionist procurement laws have an import share in total spending that is 20% lower compared to less protectionist countries [45][48] - The negative correlation between protectionism and trade openness is particularly strong in the manufacturing and primary sectors [49][50] Gravity Model Estimations - Gravity model estimations confirm that protectionist measures in government procurement lead to a significant "border effect," where domestic purchases are substantially higher than international ones in more protectionist countries [54][57]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Operational Readiness Activation & Transition (ORAT) methodology is essential for managing the transition from construction to operation of complex facilities, ensuring all components work cohesively from day one [5][6][8] - The ORAT approach is particularly beneficial for high-profile, high-complexity projects such as airports, hospitals, and major public events, where operational readiness is critical to success [7][9] - A structured and integrated plan is necessary to bring together diverse stakeholders, processes, and technologies, ensuring a smooth transition and operational efficiency [8][11] Summary by Sections Overview - ORAT provides a framework for managing risks associated with opening new or upgraded large and complex operations, focusing on achieving complete operational readiness rather than just construction completion [5][6] - The methodology emphasizes the importance of validating integration points between people, processes, facilities, and systems through testing and exercises [6] Benefits of ORAT - Early integrated approach to operational readiness enhances stakeholder relations and issue resolution [9] - Structured recruitment, training, and familiarization processes improve customer experience and ensure business continuity [9] Methodology Components - Connected leadership is crucial for integrating stakeholders and operational elements into a cohesive activation program [11] - Stakeholder engagement from the outset helps eliminate surprises and builds confidence leading up to the transition [12][13] People Readiness - Preparing personnel is vital for operational success, as misalignment can lead to delays and poor customer experiences [15][16] Facilities and System Activation - A systematic approach ensures that all physical elements and systems are delivered to a high quality, supporting operational readiness [17][18] Process and Trials - Developing and testing processes in collaboration with operational teams is essential for effective facility operation [19][20] Transition to Opening - Planning and executing a transition strategy focused on readiness rather than necessity is critical for successful facility launch [21][22] Case Studies - The report includes various case studies demonstrating the application of ORAT in different sectors, including aviation, healthcare, and public transport, showcasing successful transitions and operational readiness [26][27][28][39][51]