Investment Rating - The report does not explicitly provide an investment rating for the education sector in South Asia. Core Insights - The demographic transition in South Asia presents both challenges and opportunities for the education sector, with a projected decline of about 10% in the under-17 population by 2050, from 634 million in 2020 to 572 million [10] - The potential for reinvesting educational resources is significant, with an average of 0.6 percentage points of GDP available for basic education by 2050, even after achieving universal basic education [4] - The report emphasizes that a shrinking student population does not automatically lead to more efficient spending due to structural and political challenges [4] Summary by Sections Introduction - The demographic transition in South Asia is characterized by a decline in the school-age population, which varies across countries, with some experiencing growth while others face significant declines [10] Education Landscape - South Asia has seen improvements in access to education, with primary school attendance rates exceeding 90% in most countries, but quality remains a challenge, with high rates of learning poverty [11][12] - The region spends an average of only 3.5% of GDP on education, below the recommended 4% to 6% by UNESCO [12] Investment Efficiency - Inefficient allocation of education funds, primarily towards infrastructure and salaries, limits investments in areas that could enhance learning outcomes [14] - Strategic investments are needed to improve educational quality, including targeted campaigns and improved teaching practices [14] Demographic Opportunities - The demographic shift offers a chance to create fiscal space for improving education access and quality, but requires proactive policy choices to realize efficiency gains [15][16] - School consolidation is suggested as a method to manage costs while maintaining quality, though it faces political resistance [20][21] Projections and Scenarios - The report projects public education expenditure as a percentage of GDP from 2020 to 2050 across eight South Asian countries, considering various scenarios related to demographic changes and education system efficiency [23][24] - Four scenarios are analyzed: demographic changes only, universal enrollment by 2050, high-income country expenditure levels, and variable GDP growth rates [28][29] - Under the conservative GDP growth scenario, public expenditure on primary and secondary education could be reinvested to the equivalent of 1.7 percentage points of GDP by 2050 [29]

Investment Rating - The report does not provide a specific investment rating for the industry. Core Insights - The study investigates the impact of survey mode (in-person vs. phone) on data quality in rural Nigeria, revealing that phone responses differ from in-person responses by 17-18% at the median across various outcome measures [4][13][57]. - The findings indicate that mode effects are significant and economically meaningful, with 70% of outcomes showing positive mode effects, suggesting that respondents tend to provide more affirmative or frequent responses via phone [13][60]. - The research highlights the importance of understanding and mitigating measurement errors in phone surveys to improve data quality in low- and middle-income countries [17][19]. Summary by Sections Introduction - High-quality socioeconomic data is essential for research and development interventions, with phone surveys becoming increasingly important in low- and middle-income countries, especially post-COVID-19 [9][10]. - Concerns about data quality in phone surveys have emerged, necessitating a deeper understanding of mode effects and their implications for economic research [10][11]. Experimental Design and Data - The study utilized a randomized survey experiment involving 937 households in rural Nigeria, comparing responses from both phone and in-person interviews [12][33]. - The experimental design allowed for the identification of mode effects while controlling for various confounding factors [39][45]. Main Estimates of Mode Effects - The results show that responses collected via phone differ significantly from in-person estimates, with the median mode effect at 18% for between-respondent estimates and 17% for within-respondent estimates [57][58]. - Mode effects vary by topic, with the largest effects observed in health-related questions, such as health expenditure incidence and COVID-19 vaccination rates [58][60]. Respondent-Level Mode Effects and Heterogeneity - The within-respondent design revealed substantial heterogeneity in mode effects, with many respondents providing inconsistent answers across modes [64][70]. - More educated respondents were found to be less susceptible to mode effects, indicating that education level plays a role in response consistency [70][71]. Conclusion - The study emphasizes the need for further research to understand the drivers of mode effects and to develop strategies for mitigating measurement errors in phone surveys [20][61].

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The report emphasizes the need for a shift towards healthier, sustainable diets in Cambodia, highlighting the current dietary patterns that contribute to malnutrition and environmental issues [16][17] - It identifies the potential for dietary shifts to reduce greenhouse gas emissions by up to 31% and improve nutritional outcomes [20][30] - The analysis suggests that combining climate-smart agricultural practices with dietary changes can significantly mitigate environmental impacts while enhancing food security [27][28] Summary by Sections Executive Summary - Current diets in Cambodia are heavily reliant on rice and ultra-processed foods, leading to malnutrition [16] - The report proposes optimized diet baskets that are nutritious, affordable, and environmentally sustainable [17] Background - The report outlines the triple burden of malnutrition in Cambodia and the need for a comprehensive approach to food systems that integrates health, economic growth, and climate resilience [16][17] Results - Current Cambodian diets consist of approximately 400 g of rice per person per day, with recommendations to reduce this to 240-320 g while increasing fruit and vegetable intake significantly [20][23] - The analysis indicates that a shift towards healthier diets requires increased consumption of plant-based foods and a reduction in high greenhouse gas-emitting animal products [20][30] Recommendations - The report recommends priority actions for government stakeholders to align agricultural practices with health and nutrition goals, including the promotion of fortified rice and climate-smart agriculture [35][36] - It emphasizes the importance of social and behavior change strategies to encourage healthier eating habits among the population [25][36]

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - Lebanon's economy recorded positive growth in 2025, with real GDP growth revised down to 3.5 percent due to a weaker-than-expected tourism season, reflecting a rebound in tourism and early signs of macroeconomic stabilization [18][21][54]. - The election of a president and the formation of a government have contributed to a degree of institutional and political stabilization, although it remains fragile [18][19]. - Progress on the reform agenda has been uneven, with critical reforms needed to restore macroeconomic and financial stability [19][20]. Summary by Sections 1. Policy Context - A fragile ceasefire and regional escalation have negatively impacted economic activity, particularly tourism [48]. - Political functionality has returned with the election of a president and government formation, supporting economic activity [49]. 2. Recent Economic Developments Output and Demand - Real GDP growth is expected to be 3.5 percent in 2025, down from 4.7 percent due to a weaker tourism season [21][54]. - Private consumption remains the primary driver of growth, supported by remittances and increased dollarization [61][63]. Fiscal Developments - The fiscal stance has improved, with a projected balanced budget in 2025 due to increased revenue collection [23][32][64]. - Tax revenues are expected to reach 16.3 percent of GDP, driven by improved collection efforts [64]. External Sector - The current account deficit is estimated to narrow to 15.8 percent of GDP in 2025, supported by stronger services exports and remittance inflows [24][42]. - Exchange rate stability has persisted since August 2023, aided by improved revenue collection and fiscal measures [25][43]. Money and Banking - The banking sector restructuring law was enacted, but full implementation awaits further legislative action [50][38]. - Public debt remains high, and progress on debt restructuring is slow, limiting access to international capital markets [23][41]. 3. Outlook and Risks - Economic momentum is expected to continue into 2026, with real GDP growth projected at 4 percent, contingent on sustained reform progress and political stability [27][45]. - External vulnerabilities persist, with the current account deficit projected to widen to 16.1 percent of GDP in 2026 due to increased imports [28][47].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The focus of the report is on innovative financing strategies to support inclusive credit fintech companies in Africa, particularly those targeting underserved micro and small enterprises (MSEs) which face a global credit gap estimated at $4.9 trillion [11] - Despite the potential, accessing diverse and appropriate funding sources remains a critical challenge for early-stage fintech companies, especially those that are not yet profitable [11][12] - Traditional venture capital (VC) has been a primary funding source but is inefficient and costly, making it unsuitable for scaling loan portfolios [11] - Debt financing is becoming increasingly important for early credit fintech companies that have positive or improving unit economics but have not yet reached breakeven [11][12] - New investment approaches are emerging that balance investor caution with the need to nurture innovation, utilizing advanced screening methods and data-driven insights to identify and support high-potential fintech companies [11][12] Summary by Sections Section 1: Financing Inclusive Credit Fintechs: Past and Present - The report reviews the flow of funds over the past decade, highlighting the types of investors, tools used, and insights into target fintech companies [28] - Nearly 270 inclusive credit fintech companies raised over $4 billion in the past decade, representing one-third of all fintech investment in Africa [33] - The growth accelerated from 2017, with a peak in 2023 due to increased digital financial service usage post-COVID-19 [33] - However, only 16% of inclusive credit fintech companies raised over $10 million, yet they accounted for 90% of total funding [33] Section 2: Financing Inclusive Credit Fintechs: The Future - This section discusses recent data-driven innovations where innovative asset managers integrate with portfolio companies via APIs, allowing real-time access to financial and operational data [29] - Alternative debt tools are being provided to early fintech companies, showcasing case studies of these process and product innovations [29] Section 3: Bridging the Gaps in Inclusive Credit Fintechs - The report emphasizes the role of data-driven investment in expanding financing options for inclusive fintech companies, highlighting areas needing technical assistance [30] - Development finance institutions (DFIs) are identified as key players in driving the industry forward through innovative investment tools [30]

Investment Rating - The report does not explicitly provide an investment rating for the carbon market and climate finance in Gabon's forest sector Core Insights - Gabon is positioned to deepen its engagement in international carbon market mechanisms, particularly following the finalization of the Article 6 rulebook of the Paris Agreement at COP29, linking this opportunity to its broader development agenda of transitioning from a hydrocarbon-dependent economy to a diversified, sustainable model [26][27] - The Strategic Roadmap for Climate Finance and Carbon Markets aims to operationalize access to carbon markets and climate finance mechanisms, focusing on the forestry sector where Gabon has a comparative advantage as a High Forest, Low Deforestation (HFLD) country [27][30] - Gabon's forests contain over 8.1 billion tons of carbon, representing almost 86 percent of annual global CO₂ emissions from the energy sector, yet the country currently realizes only a minor share of this value domestically [29][12] - The roadmap outlines immediate priorities for the forest sector to enhance Gabon's involvement in carbon markets and climate finance, emphasizing the need for legal clarity, institutional frameworks, and stakeholder capacity [30][44] Summary by Sections Executive Summary and Recommendations - Gabon is at a critical juncture to engage in international carbon markets, with carbon markets serving as a strategic lever to mobilize climate finance [26] - The roadmap emphasizes the need for readiness in technical systems, institutional frameworks, and legal clarity to operationalize access to carbon markets [27] Background and Objective - The report provides a detailed framework for advancing carbon finance initiatives within Gabon's forest sector, complementing the Gabon Forest Ecosystem Accounts [11] Key Decisions and Requirements for Carbon Markets Participation - The roadmap identifies strategic and regulatory foundations necessary for carbon market participation, including governance, integrity, and reporting [6][7] HFLD Specificities, Forest Offsets Standards and Climate Finance - Gabon aims to mobilize climate finance through results-based payments and participation in international carbon markets under Article 6, particularly through Internationally Transferred Mitigation Outcomes (ITMOs) [34][35] Priority Recommendations and Action Areas - The roadmap outlines six key policy pillars and priority action areas to strengthen participation in results-based payments and leverage climate finance [58][65] - Key actions include establishing a national carbon registry, defining carbon rights, and integrating carbon markets into the Nationally Determined Contributions (NDC) [59][60] Conclusion and Next Steps - The report concludes with a call for immediate actions to address gaps in Gabon's legal and institutional frameworks, emphasizing the importance of stakeholder engagement and capacity building [45][50]

Investment Rating - The report indicates a steady progress in implementing evaluation recommendations, with a notable improvement in the quality of evidence supporting these recommendations [12][15]. Core Insights - The FY25 Management Action Record (MAR) reflects the World Bank Group's (WBG) commitment to accountability, learning, and adaptation in implementing recommendations from Independent Evaluation Group (IEG) evaluations [12]. - The report covers progress on 72 recommendations from 28 evaluations, with 13 new recommendations introduced in the FY25 cycle [12]. - A significant reduction in the percentage of recommendations assessed as "limited evidence" (LE) from 34% in FY24 to 13% in FY25, while "emerging evidence" (EE) assessments increased to 71% [12][15]. - The highest level of assessment, "change of direction" (CD), saw a slight decline from 22% to 17% [12][15]. - No recommendations were classified as "progress constrained" (PC) in FY25, compared to two in FY24 [12][15]. Summary by Sections Overview of Performance - The report highlights the distribution of recommendations across assessment levels, showing significant improvement in evidence quality [12][15]. - The total number of recommendations decreased from 77 in FY24 to 72 in FY25, with a projected further reduction to 68 in FY26 [22]. Evidence of Progress and Self-Assessment: Highlights - Implementation progress varies by recommendation, with some achieving CD in less than four years [19]. - The report notes that 12 recommendations reached CD in FY25, with eight of these achieving it before the standard four-year reporting period [19][20]. - Management proposed the retirement of 19 recommendations from 14 evaluations, reflecting confidence in the sustainability of implemented systems and structures [22]. Evaluation Themes - The evaluations cover various themes, including Prosperity, Planet, Infrastructure, Digital, and Cross-Cutting issues, with specific recommendations for each theme [27]. - The report emphasizes the importance of cross-organizational collaboration in addressing complex challenges, such as climate action and gender equality [12][22].

Investment Rating - The report does not explicitly provide an investment rating for the healthcare sector in Azerbaijan, particularly regarding hypertension and diabetes care. Core Insights - Azerbaijan is facing significant challenges with noncommunicable diseases (NCDs), particularly hypertension and diabetes, which affect approximately 30% and 7% of the adult population respectively. The burden of these diseases is compounded by high rates of obesity and overweight individuals, with 21% of adults classified as obese and 55% as overweight or obese. The financial burden of managing these conditions is substantial for individuals and the healthcare system [16][24]. Summary by Sections Executive Summary - The report highlights the critical need for reforms in Azerbaijan's healthcare system to improve access, quality, and financial protection for NCD care. It emphasizes the importance of addressing the high prevalence of hypertension and diabetes as part of the country's health agenda [16][17]. Study Objectives - The objectives include assessing the continuum of care for hypertension and diabetes, evaluating current needs, identifying barriers to care, and proposing actionable recommendations to improve primary healthcare systems [56]. Methods - A mixed methods explanatory design was employed, combining quantitative data from medical records of 800 hypertension and 600 diabetes patients with qualitative insights from healthcare providers and patients. The study was conducted across eight district-level health facilities [58][19]. Results: Quantitative Component - Hypertension care showed near-universal blood pressure checks (98% coverage), but only 6% of patients had controlled blood pressure within a year. Diabetes care revealed significant gaps, with 30% of patients lacking fasting plasma glucose test results and only 7% having documented annual monitoring visits [20][21]. Results: Qualitative Component - Insights from healthcare providers and patients indicated barriers such as limited authority of general practitioners, poor medication access, and inadequate patient education. Proposed solutions included enhancing health literacy and improving the role of GPs in patient management [22][26]. Conclusions - The report concludes that hypertension and diabetes should be prioritized in Azerbaijan's health strategy. It notes that while mandatory health insurance has improved access, affordability and quality of care remain significant challenges. The need for better integration of care for patients with multiple NCDs is emphasized [24][40]. Recommendations - Recommendations include improving healthcare infrastructure, enhancing digital health tools, increasing government support for NCD patients, and integrating care across different levels of the healthcare system. Continuous training for healthcare workers and patient education programs are also suggested to improve outcomes [29][33][34][37].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Indonesia faces significant challenges with informality and job quality, with a high degree of informality impacting productivity and economic growth [7][8] - The country has achieved upper middle-income status in 2023, but productivity has declined from $7,530 per worker in 2015 to $5,336 in 2023 [7] - Informal employment is prevalent, with estimates indicating that 81.2% of the labor force is informal, highlighting the need for reforms to improve job quality and formalization [31][39] Chapter Summaries Chapter 1 - Indonesia's Growing Informality - Informal work is the norm in Indonesia, with 59.1% of the labor force classified as informal by national standards, while international standards suggest this figure is as high as 81.2% [31][34] - The agriculture and services sectors are the most informal, with 94% of agricultural workers and a significant portion of service workers lacking formal protections [28][29] - The report emphasizes the need for reforms to address the high levels of informality, which hinder productivity and economic growth [19][20] Chapter 2 - Escaping the Informality Policy Trap - Priority 1: Expand social insurance to reduce reliance on distortionary labor regulations [41] - Priority 2: Leverage credit programs to promote registration and productivity growth [44] - Priority 3: Embrace the benefits of digital transformation to facilitate formalization [46][22]

Investment Rating - The report does not provide a specific investment rating for the industry. Core Insights - Pluralistic ignorance (PI) is a social norms phenomenon where individuals misperceive the beliefs or behaviors of others, leading to actions that contradict their personal preferences. This misalignment can perpetuate harmful social norms that limit opportunities for women and girls, making it crucial to address PI through policy interventions to promote gender equality [2][22][31]. Summary by Sections I. Background - Evidence from low- and middle-income countries indicates that advancing gender equality requires understanding and addressing the social norms that shape behavior. PI is a significant factor in this context, as it leads individuals to act against their preferences due to misperceptions about the acceptance of certain behaviors [8]. II. Defining Pluralistic Ignorance - PI occurs when individuals believe their personal beliefs are not shared by the majority, leading to a disconnect between personal attitudes and perceived social norms. This phenomenon has been studied across various fields and is critical in understanding social behaviors [22][26]. III. Pluralistic Ignorance as a Policy Concern - PI can hinder collective action on public issues, including gender inequality. It can obstruct women's participation in the labor force and reinforce harmful norms, making it a significant concern for policymakers [31][32]. IV. The Challenges of Identifying and Intervening on Pluralistic Ignorance - Addressing PI requires careful intervention design, including identifying the correct norms to target and understanding the social context. Misperceptions can vary widely, and interventions must be tailored to specific groups to be effective [52][54][60]. V. Conclusion - Correcting misperceptions about social norms can be a low-cost and scalable intervention. However, it is essential to combine these efforts with structural changes to ensure long-term effectiveness and sustainability in promoting gender equality [37][74].