Economic Performance - Cambodia's economy shows strong but uneven performance, with manufacturing and services growth driven by stable exports, particularly in garments and tourism[35] - Agricultural sector employment remains significant, supporting 3.1 million jobs, but its contribution to GDP growth is limited, only 0.2 percentage points in 2024[36] - Total rice production increased by 11.0% in 2024, but structural challenges persist, including reliance on weather conditions and price volatility[36] Trade and Investment - Exports to the US, especially garments, remain strong, with a year-on-year growth of 11.6% in Q1 2025, contributing significantly to consumer confidence[38] - Foreign Direct Investment (FDI) inflows are primarily from China, accounting for 65.5% of total net FDI, while domestic investment approvals have sharply declined by 96.7% year-on-year[39][43] - Total goods exports reached $26.673 billion in 2024, with a significant contribution from the garment, travel goods, and footwear sectors[43] Inflation and Monetary Policy - Inflation rose to 3.7% in March 2025, driven mainly by food price increases, while broad money supply growth reached 19.0%[38] - The banking sector reported a non-performing loan (NPL) rate of 7.9% by the end of 2024, indicating deteriorating asset quality[40] Fiscal Policy and Public Debt - Central government revenue increased by 11.2% year-on-year in Q1 2025, primarily due to significant growth in VAT and non-tax revenues[40] - Public debt remains low at 25.9% of GDP as of the end of 2024, with a projected fiscal deficit of 2.7% of GDP for 2025[41] Social Impact and Inequality - Economic recovery has been uneven, with household consumption per capita growing by 8% from 2021 to 2023, but disparities exist between income groups[42] - The poorest 20% saw a 7% increase in consumption, while the wealthiest 20% experienced a 10% increase, highlighting income inequality[42]

Investment Rating - The report does not explicitly provide an investment rating for the healthcare sector in the Democratic Republic of the Congo (DRC) Core Insights - The DRC aims to achieve Universal Health Coverage (UHC) by 2030, but faces significant challenges due to limitations in budget execution and allocation, leading to a reliance on household and donor funding rather than government support [5][23] - Government health budget execution rates are low, with an average execution rate of 47.6% from 2016 to 2020, significantly below the overall government spending average of 80% [39][40] - The health budget is heavily skewed towards personnel costs, which account for 60% of total health budget expenditures, limiting the ability to execute other spending categories [53] Summary by Sections 1. Health Financing Background - From 2016 to 2021, household payments and donor contributions accounted for over 80% of total healthcare spending, while government financing ranged from 10% to 16% [23][24] - Total healthcare spending was estimated between $19 and $22 per capita from 2013 to 2019, far below the $86 per capita needed for UHC [24] 2. Health Budget Execution - The average execution rate of the health budget was 47.6% compared to the initial budget allocation, with significant variations across budget categories [39][40] - The execution rate for personnel costs was 103%, while other categories, such as provincial allocations and hospital funding, had execution rates below 20% [40][41] - In 2019, only six out of over fifty departments achieved budget execution for operational costs, highlighting severe inefficiencies [45] 3. Public Financial Management Controls in Health Expenditure - The report identifies a lack of integration between strategic planning and budget preparation, leading to challenges in resource allocation [58] - Budget management rules are often ignored, with some agencies systematically overspending their allocations, which reduces available resources for other departments [55][72] - The procurement process is cumbersome, leading to delays and inefficiencies in budget execution [56][68] 4. Good Practices and Bottlenecks - The establishment of a tripartite health-budget-finance committee aims to monitor budget execution and improve coordination among stakeholders [70] - Key bottlenecks include unrealistic revenue forecasts, a highly centralized budget execution process, and a lack of respect for budget management rules [72][73]

Investment Rating - The report does not explicitly provide an investment rating for the industry analyzed Core Insights - Bogotá has utilized the valorization levy as a mechanism to finance urban transport projects, capturing increased land value resulting from infrastructure improvements [13][14] - The report highlights the historical context and legal framework that has enabled Bogotá to effectively implement land value capture strategies [50][51] - The analysis of various valorization programs from 1995 to 2018 reveals both successes and challenges in financing urban development through this levy [21][62] Summary by Sections Introduction - The introduction outlines the significance of land value capture in financing urban growth, particularly in cities with limited public resources [12][20] Literature Review - The economic foundation of land value capture is discussed, emphasizing how transport projects can justify the betterment levy by increasing mobility and land value [26][41] - The betterment levy is defined as a one-time payment by property owners benefiting from infrastructure improvements, contrasting it with recurring property taxes [42][44] Legal Foundations - Colombia's legal framework for valorization dates back to 1921, allowing municipalities to capture value from infrastructure investments [50][51] - The report details the evolution of laws governing the valorization levy and its implementation in Bogotá [53][54] Programs Financed Through the Valorization Levy - The report analyzes five key programs (1995, 2005, 2010, 2013, and 2018) that utilized the valorization levy, detailing their objectives, funding amounts, and outcomes [62][73] - The 2005 Mega Valorization Program is highlighted as a significant initiative, covering a wide range of transport projects across the city [73][74] Evolution of Tax Revenue - The report examines the evolution of tax revenue in Bogotá, including the impact of the valorization levy and congestion charging on overall fiscal health [6][27] - It emphasizes the importance of a well-structured cadaster for effective tax collection and the relationship between property values and the betterment levy [46][48] Lessons for Other Cities - Bogotá's experience with the betterment levy offers valuable lessons for other developing cities seeking to finance transport projects through value-capture instruments [16][21]

Investment Rating - The report does not explicitly provide an investment rating for the transport resilience financing industry Core Insights - The report emphasizes the urgent need for investment in resilient transport infrastructure in low- and middle-income countries, with a potential return of US$ 4 for every US$ 1 invested [24] - It highlights the significant gap in adaptation financing, with adaptation finance in 2022 amounting to only US$ 63 billion, compared to US$ 1,150 billion for mitigation finance, indicating a need for increased focus on adaptation efforts [49] - The report outlines a roadmap for mobilizing funding and engaging the private sector to enhance transport resilience, suggesting that innovative approaches and strategic partnerships are essential [20][34] Summary by Sections Executive Summary - Transport infrastructure is vulnerable to climate risks, which can lead to severe economic and social impacts [23] - Investing in resilient infrastructure is crucial for adapting to climate change, particularly in developing countries [24] - The report identifies challenges in securing funding for resilience projects, including the difficulty in measuring benefits and the imbalance between mitigation and adaptation financing [26][27] Climate Finance Facilities - The report identifies 42 climate finance facilities, with only a few explicitly prioritizing transport resilience [74][75] - It notes that most facilities offer grants, with limited options for loans or equity [80] Public Funding Mechanisms and Tax Measures - The report reviews 33 public funding mechanisms, finding that while many support the transport sector, few explicitly address resilience [84][90] - It identifies 29 tax measures that could potentially raise revenue for transport resilience investments, including infrastructure levies and carbon taxes [97][99] Barriers, Opportunities, and Interventions for Promoting Private Sector Participation - The report discusses barriers to private sector participation in climate-resilient transport, including the need for better data and transparency [107] - It emphasizes the importance of stakeholder engagement and the need for tailored solutions to promote private sector involvement [107]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The total direct economic damage from the March 28, 2025 earthquake in Myanmar is estimated at US$10.97 billion, which is approximately 14 percent of Myanmar's GDP for the financial year 2024/25. The damage estimate ranges between US$6.24 billion and US$15.82 billion due to considerable uncertainty [23][19][21] - The earthquake has significantly impacted over 17 million people, with reported fatalities of 3,655 and over 198,000 displaced individuals. The event is characterized as one of the most impactful seismic occurrences in Myanmar's history [20][56] - The GRADE methodology utilized for damage estimation combines earthquake damage modeling, catastrophe risk modeling, and assessments of capital stock value across various sectors [21][64] Summary by Sections Executive Summary - The report summarizes the direct economic damage to buildings and infrastructure caused by the earthquake, providing critical insights for response and recovery planning [19] - The assessment does not include losses or needs related to the disaster [19] Introduction - The earthquake struck central Myanmar, affecting key regions including Nay Pyi Taw and Mandalay, during a period of internal conflict and humanitarian crisis [31][32] - The event is noted as the strongest recorded seismic event in Myanmar since 1912 or possibly 1839 [51][29] Damage Estimation Methodology - The GRADE assessment follows a rapid estimation approach to assess direct economic impacts, focusing on physical assets [64] - The methodology includes hazard analysis and exposure modeling to estimate damage accurately [68][70] Key Findings - Residential buildings accounted for the highest damage at US$4.97 billion, followed by non-residential buildings at US$2.63 billion and infrastructure damage at US$3.36 billion [23][24] - Mandalay, Sagaing, and Bago regions were the most severely impacted, representing 82 percent of the total damage [23][24] - Recovery and reconstruction costs are expected to exceed direct damage estimates, necessitating targeted recovery strategies [26] Impacts on Population - Affected households in the most impacted areas could experience consumption losses of up to 25 percent, particularly among socioeconomically vulnerable groups [26] - The earthquake has caused extensive damage to cultural heritage, with over 9,643 religious structures affected [60]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Jobs are a primary mechanism for poverty reduction in Latin America and the Caribbean (LAC), accounting for two-thirds of the decline during the last period of rapid progress (2009-14) [4] - LAC generated approximately 27 million net new jobs over the past decade, with job growth rates comparable to other global regions [4][30] - The labor market is expected to become less dynamic in 2025 due to downgraded economic growth projections [7] Summary by Sections 1. Trends and Projections - Employment creation and earnings growth were instrumental in reducing poverty rates to prepandemic levels [5] - Labor market performance has stabilized at historical rates of approximately 2 percent year-over-year since Q3 2023 [6] - Job creation is projected to decline slightly to 1.6 percent year-to-year in 2025 [7] 2. Labor Market Structure - The working-age employment rate increased by 1.3 percentage points to 58.9 percent in 2024, while unemployment dropped from 8.5 to 6.2 percent [37] - Youth unemployment fell by over 5 percentage points since 2016 but remained high at 14 percent in 2024 [38] - Labor informality rates declined by 2.3 percentage points to 42.1 percent of workers from 2016 to 2024 [52] 3. Labor Incomes - Labor market incomes exhibited limited gains with an annualized growth of 0.3 percent from 2016 to 2019 [61] - In 2024, earnings rose by at least 3 percent across most socioeconomic groups, but workers with low educational attainment experienced only 0.8 percent growth [62] - Gender earnings disparities remained stagnant, with women earning on average about 22 percent less than men [62] 4. Sectoral Reallocations - Structural transformation has been slow, with inconsistent reallocation of workers toward higher-productivity sectors [90] - Employment has shifted toward higher-productivity sectors in some countries like Brazil and Mexico, while others like Argentina and Bolivia have seen increases in low-productivity sectors [93]

Investment Rating - The report indicates an upward revision of the international poverty line to $3.00 per person per day in 2021 purchasing power parities (PPPs), reflecting a significant increase of around 40% from the previous line of $2.15 [12][44]. Core Insights - The report highlights that recent improvements in survey methodologies have led to an increase in measured consumption in many low- and lower-middle-income countries, prompting upward revisions of national poverty lines [3][9]. - The net effect of these methodological changes and new survey data has resulted in an increase in global extreme poverty by approximately 125 million people in 2022, with a notable shift of poverty from South Asia to Sub-Saharan Africa [3][13]. - The international poverty line is now based on the median national poverty line of low-income countries, which has been significantly revised due to improved data quality and timeliness [12][66]. Summary by Sections Introduction - The report discusses the use of updated purchasing power parities (PPPs) and new survey data to establish new poverty lines for global poverty monitoring [7]. Data - The analysis incorporates 2021 PPPs and over 2,400 income and consumption surveys from 172 countries, covering more than 97% of the global population [28][30]. Setting Poverty Lines - The international poverty line is defined as the median harmonized poverty line of low-income countries, now set at $3.00, with corresponding lines for lower-middle and upper-middle-income countries updated to $4.20 and $8.30, respectively [40][41]. Changes in Global Poverty Lines - The report identifies four main sources of changes in global poverty lines: price changes from PPPs and CPIs, underlying national poverty lines, income classification changes, and the number of countries with available data [59][60]. Conclusion - The report concludes that the increase in the international poverty line is primarily driven by new poverty lines from low-income countries, reflecting improved survey methodologies rather than an increase in poverty aspirations [66].

Investment Rating - The report does not explicitly provide an investment rating for the industry under study Core Insights - The export promotion policy in Pakistan, specifically the Duty Drawback of Taxes (DDT) scheme, had a small overall impact on textile exports but caused significant reallocation among products, favoring traditional garments eligible for higher rebate rates [4][10][11] - For every US$1 spent on the DDT scheme, only US$1.1 in additional exports was generated, indicating limited effectiveness [10][41] - The scheme led to strategic misreporting at the border, although this had a minor overall impact on recorded exports [11][62] Summary by Sections Introduction - The paper discusses the shift in industrial policy from protectionist to export-oriented strategies, highlighting the ongoing debate about the effectiveness of export promotion policies [8][9] Export Promotion and Performance - The DDT scheme is a key export promotion policy for Pakistan's textile sector, which constitutes 55% of total exports. The budget for the scheme increased significantly post-2014, reaching about 1% of the total federal budget during 2017-2020 [9][20][25] Data and Methodology - The study employs product-level data and synthetic control methods to analyze the impact of the DDT scheme, comparing eligible and non-eligible products [9][27][35] Results - The DDT scheme resulted in a 1.9% average annual increase in textile exports from 2015 to 2019, primarily driven by high-rate garment exports, while lower-rate and non-eligible products experienced a decline [41][44] - The overall effect of the scheme was small, with significant negative impacts on lower-rate products counterbalancing the positive effects on higher-rate products [41][44] Mechanisms and Additional Results - The analysis indicates that shifts in the composition of exporters, with new entrants less likely to focus on lower-rate products, contributed to the observed export changes [52][54] - Capacity constraints faced by firms limited their ability to expand exports of high-rate products without reducing lower-rate product exports [55][61] - The report suggests that larger exporters benefited more from the DDT scheme, while smaller exporters faced challenges due to increased competition [61]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The integration of AI in higher education is transforming learning, teaching, and institutional operations, particularly in Latin America and the Caribbean (LAC) [15][16] - AI tools are enhancing educational access, efficiency, and equity, but adoption remains fragmented due to infrastructure gaps and limited innovation [15][17] - The report emphasizes the need for strategic investments in AI research, faculty training, and improved digital infrastructure to fully realize AI's potential [17][21] Summary by Sections I. Executive Summary - AI is revolutionizing higher education by providing scalable and personalized solutions [15] - AI-powered tools have shown significant impacts, such as a 20% increase in student placement efficiency and a 38% improvement for under-assigned students [16][22] - The report identifies critical barriers to AI adoption, including the digital divide and ethical concerns [17] II. Introduction - Higher education in LAC has expanded significantly, with enrollments increasing from 21 million in 2009 to over 31 million in 2023 [28] - The number of universities has grown from 75 in 1950 to approximately 1,867 today [29] III. Students-Centered Tools - AI Tutoring Systems (AITS) and adaptive learning platforms are key innovations that personalize education [57] - A Harvard study found that students using AI tutors learned more than twice as much in less time compared to traditional classrooms [60] IV. Faculty-Centered Tools and Practices - Faculty members see AI as an opportunity, with 86% believing they will use AI in teaching in the future [87] - AI can enhance teaching effectiveness and streamline instructional practices [88][89] V. Staff-Centered Institutional Tools and Practices - AI applications support resource allocation, predict enrollment trends, and enhance institutional efficiency [23] - AI-driven student profiling can identify at-risk students and enable early interventions [23] VI. Challenges - The report outlines several challenges, including infrastructure and access barriers, teacher preparedness, and ethical frameworks [30][31] - Concerns about algorithmic bias and data privacy are highlighted as critical issues [34][35] VII. Conclusion - The report calls for a collaborative approach among governments, universities, and the private sector to foster an innovation-friendly environment [21] - Emphasizes the importance of ethical AI governance to ensure equitable access and build trust [26]

Investment Rating - The report does not explicitly provide an investment rating for the Tunisian economy or specific sectors within it. Core Insights - The Tunisian economy grew by 1.4 percent in 2024, recovering from zero growth in 2023, but remains below pre-Covid levels, indicating a divergence from regional peers [18] - The current account deficit (CAD) decreased to 1.7 percent of GDP in 2024, down from 2.3 percent in 2023, easing some pressure on external financing needs [19] - Domestic financing of public debt has increased significantly, raising concerns about the sovereign-banking nexus and its potential impact on the credit market [21] - Inflation moderated to 5.6 percent in April 2025, aligning with pre-Covid averages, although food inflation remains higher at 7.3 percent [23] - The budget deficit decreased from 6.3 percent of GDP in 2023 to 5.8 percent in 2024, but tax revenues underperformed due to limited economic activity [24] - Future growth is projected at 1.9 percent in 2025, assuming improved rainfall and a recovery in the manufacturing sector, but risks remain elevated [25][26] - Improved port connectivity and trade facilitation could yield significant economic gains, potentially increasing GDP by 4-5 percent within 3-4 years [27][28] Recent Economic Developments - The economy's growth was driven by a partial recovery in agriculture and tourism, but hindered by challenges in oil, mining, and manufacturing sectors [18] - The trade deficit widened by 10.9 percent in 2024, remaining stable at 11.4 percent of GDP, with a significant deterioration in early 2025 [19] - Tunisia's reliance on domestic sources for external financing is increasing, with the Central Bank authorized to lend up to 7 billion dinars (4.1 percent of GDP) to the government in 2025 [20] - The share of domestic debt in total debt rose from 29.7 percent in 2019 to 53.8 percent in 2024, indicating a shift in financing dynamics [21] Inflation and Budgetary Pressure - Inflation has moderated, with food prices remaining a concern due to supply constraints and seasonal demand [23] - The budget continues to face pressure, with a decline in the wage bill and limited growth in public expenditures impacting overall fiscal health [24][36] Future Outlook - Moderate growth is expected in 2025-2027, with significant downside risks related to trade uncertainty and external financing conditions [25][26] - Enhancements in port infrastructure and trade facilitation are critical for leveraging Tunisia's strategic location and improving economic performance [27][28]