Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Human Capital Index (HCI) measures the expected human capital a child born today can attain by age 18, considering health and education risks in their country [11][21] - The revised Human Capital Index Plus (HCI+) extends the HCI by incorporating human capital accumulation through higher education and skills acquired during working life, recognizing that human capital development continues beyond formal schooling [14][39] - The HCI+ tracks human capital across three domains: health, education, and on-the-job learning, allowing for a more comprehensive understanding of productivity impacts [15][43] Summary by Sections Introduction - Human capital encompasses health, knowledge, skills, and resilience, which are crucial for productivity and economic growth [10][20] - Investments in human capital can lead to sustainable growth and poverty reduction, but countries often underinvest due to delayed benefits [10][20] HCI and HCI+ Methodology - The HCI measures human capital accumulation from birth to age 18, while the HCI+ extends this measurement into adulthood, capturing ongoing human capital development [24][39] - The HCI+ is designed to be responsive to current policies and outcomes, making it more relevant for policymakers [33] Components of HCI+ - The HCI+ includes three domains: - Health and nutrition, which considers stunting and adult survival rates [44] - Education, which evaluates years of schooling and learning outcomes [45] - On-the-job learning, which assesses work experience and labor market participation [46] - Each domain's contribution to productivity is quantifiable, allowing countries to identify areas needing improvement [15][43] Economic Implications - A 1% increase in HCI+ is associated with a 1% increase in average earnings potential, which can correlate with GDP growth in the long term [56][57]

Investment Rating - The report does not explicitly provide an investment rating for the dual apprenticeship program in Côte d'Ivoire, but it indicates that the program is effective in improving youth employment outcomes and reducing working poverty, suggesting a positive outlook for investment in similar initiatives. Core Insights - The dual apprenticeship program leads to a 14 to 20 percent increase in youth earnings two to five years after completion, with significant gains across the earnings distribution [4][14][62] - The program reduces the share of youth in extreme working poverty by 7.3 percentage points and working poverty by 6.9 percentage points, indicating a substantial impact on poverty reduction [14][40][64] - The earnings gains primarily arise from self-employment rather than wage employment, highlighting the program's effectiveness in enhancing skills and productivity in informal labor markets [15][50][63] Summary by Sections Introduction - The report addresses the challenges of low-paying jobs and high working poverty in low- and middle-income economies, emphasizing the need for effective skills training programs [11][12] Experimental Design and Data - The dual apprenticeship program was implemented as a randomized controlled trial targeting youth aged 18 to 24 in Côte d'Ivoire, combining on-the-job training with technical skills training [22][24] Results - Earnings increased by 9,394 FCFA (15%) two years post-program, with sustained increases of 11,505 FCFA (19.6%) and 12,127 FCFA (13.5%) three and five years post-program, respectively [40][60] - The program significantly reduced the incidence of extreme working poverty and improved task complexity and productivity among participants [40][43][64] - The increase in earnings was primarily driven by self-employment, which rose by 6,138 FCFA (26.7%) post-program, while wage employment did not show significant gains [50][52] Conclusion - The findings suggest that dual apprenticeships can effectively reduce working poverty and improve employment outcomes in informal economies, providing a viable pathway for skill upgrading and better-paying jobs [62][63][64]

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The report highlights significant differences in productivity between women-run and men-run private hotels in Georgia, emphasizing the importance of considering technological heterogeneity when analyzing productivity gaps [4][11][21]. - Women-run hotels demonstrate a higher technical efficiency by 21 percentage points compared to men-run hotels, but this advantage is largely negated by the inferior technology available to women due to socio-cultural and economic factors [4][63]. - The findings indicate that the technology gap has a more pronounced effect on productivity at lower efficiency levels, illustrating a "sticky floors" effect, while no such evidence is found for overall efficiency [4][21]. Summary by Sections Introduction - The report discusses the productivity gap between women and men managers in the hotel sector, challenging the assumption of technological homogeneity and introducing the concept of technological heterogeneity to better understand these differences [11][12][21]. Hotels Sector and Gender Equality in Georgia - As of February 2024, Georgia has 1,232 registered hotels with a total capacity of 37,788 rooms and 85,149 beds, showing significant growth despite the COVID-19 pandemic [22][23]. - Gender inequality persists in Georgia, with women spending significantly more time on unpaid domestic work and earning 24.6% less than men for the same work [24][26]. Methodology - The report employs Data Envelopment Analysis (DEA) to measure hotel efficiency, using an input-oriented model with variable returns to scale [27][28]. - The meta frontier analysis is utilized to distinguish between technical efficiency and the technology gap, providing a clearer picture of productivity differences [4][21]. Baseline Results - The average meta efficiency of hotels in Georgia is 0.48, indicating that hotels can reduce inputs by 52% without affecting output [57]. - Women-run hotels have a mean technical efficiency of 0.69, significantly higher than the 0.48 for men-run hotels, demonstrating better exploitation of available technology [60]. - The mean meta technology ratio (MTR) for men-run hotels is 0.99, while it is only 0.71 for women-run hotels, indicating a substantial technology gap [62]. Propensity Score Matching - The report uses propensity score matching to estimate the causal impact of gender on efficiency, confirming that women-run hotels have higher technical efficiency by 24.9 percentage points compared to men-run hotels [75]. Robustness - Various alternative measures of efficiency were tested to ensure the robustness of the findings, confirming the initial results regarding productivity gaps [78].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Digital skills are increasingly important in the labor market, with individuals possessing advanced digital skills earning, on average, 18.9 percent higher wages than those without such skills [2][12] - The wage premium for high digital skills varies significantly across regions, with Central Asia showing a premium of 47.7 percent, followed by Eastern Europe at 26.7 percent, and the South Caucasus at 23.5 percent [12] - Approximately 43.7 percent of individuals in the Europe and Central Asia region report a complete absence of digital skills, indicating a significant gap in digital competencies [11][31] Summary by Sections Introduction - Human capital, including digital skills, is crucial for productivity and earning capacity, influencing economic growth and poverty reduction [7][8] - The paper emphasizes the role of digital skills in reshaping employment prospects and economic development [8] Literature Review - Previous studies indicate a strong correlation between education and earnings, with a 10 percent increase in earnings for each additional year of schooling [15] - Digital skills are identified as a key form of human capital, with significant impacts on labor market outcomes [16][17] Empirical Strategy - The study employs a modified Mincerian equation to analyze the impact of digital skills on wages, focusing on individual-level wage regression [24][25] Data - The analysis utilizes data from the Life in Transition Survey, covering 30 countries in Europe and Central Asia, with a focus on socio-economic conditions and digital skills [27][28] Results - The findings reveal that education level is the most significant determinant of digital skill acquisition, with a university degree increasing the likelihood of high digital skills by 32.4 percentage points [58] - Individuals from low-income households are significantly less likely to acquire high digital skills, with a reduction of 17.6 percentage points in probability [58] - Gender and urban residency also influence digital skill acquisition, with men and urban residents more likely to possess high digital skills [64][66]

Investment Rating - The report does not provide a specific investment rating for an industry or company Core Insights - Intergroup hate is a pervasive issue that is escalating globally, driven by normalized hate speech, the proliferation of hate groups, and a political climate that increasingly frames opponents as enemies rather than partners [9] - The report synthesizes ten drivers of intergroup hate into four interlocking components: history, current context, call to arms, and justification of mistreatment, forming a self-reinforcing cycle that legitimizes harm and escalates animosity [3][10] - Interventions can disrupt this cycle at multiple points through coordinated psychosocial, institutional, and economic strategies, particularly emphasizing the importance of context-sensitive and integrated approaches [3][10] Summary by Sections 1. Understanding Intergroup Hate - Intergroup hate is defined as animosity and mistreatment of members of other groups, justified as necessary and good [16] - The report emphasizes that hate is a complex social phenomenon shaped by intergroup dynamics, rather than merely an emotional response [16][19] 2. The 10-Reason Cycle of Hate - The cycle includes four components: History, Current Context, Call to Arms, and Justification of Mistreatment, which mutually reinforce each other [22][23] - Each component contributes uniquely to the escalation of hate, with interventions showing potential to interrupt the cycle at various points [10][62] 3. Historical Context - Group history and personal/family history play critical roles in shaping perceptions and behaviors toward outgroups [30][34] - Educational institutions are highlighted as key sites for reshaping historical narratives to promote tolerance and reduce hate [65][66] 4. Current Context - The current context influences intergroup relations through identities and norms, competition and loss, threat, and lack of control and uncertainty [36][74] - Promoting shared identities and cooperation is essential for breaking the cycle of hate, requiring careful management of intergroup dynamics [75][76] 5. Call to Arms - Leadership and media are pivotal in mobilizing intergroup hate, with leaders often using historical narratives to gain authority and influence [49][52] - Media amplifies leaders' messages and can incite hostility, shaping public perception and contributing to intergroup conflict [52][53] 6. Justification of Mistreatment - Justifications for mistreatment arise from moralization and dehumanization, framing hostility as a defense of moral values and reducing empathy for outgroups [55][58] - These justifications reinforce the cycle of hate, normalizing discriminatory policies and embedding mistreatment into societal structures [60][61] 7. Interventions - The report discusses promising interventions to break the cycle of hate, emphasizing the need for early warning systems to detect hate before it escalates [63][64] - Effective interventions include reshaping collective memory, promoting shared identities, and fostering cooperation among diverse groups [65][74]

Investment Rating - The report does not explicitly provide an investment rating for the industry analyzed Core Insights - The paper examines how suppliers adjust their decarbonization strategies in response to validated emission-reduction targets set by major customers, revealing that downstream climate pressure leads to both real and symbolic responses among suppliers [5][12][14] - High-emission suppliers tend to make substantial operational adjustments, reducing their emission intensity, while low-emission suppliers primarily increase their reliance on carbon offsets, often from lower-quality projects [19][21][22] Summary by Sections Introduction - The increasing adoption of climate commitments by large corporations necessitates suppliers to disclose emissions and adopt climate policies, yet the response of suppliers to such pressures remains unclear [12][13] Findings - Suppliers whose customers obtain Science Based Targets initiative (SBTi) approval are more likely to adopt their own climate targets, with an average reduction in emission intensity of 8.8% following customer target approval [15][62] - The use of carbon offsets increases significantly among suppliers after customer SBTi approval, with a 159% rise in offset intensity relative to industry peers [16][63] - High-emission suppliers show a 15% reduction in total emissions and a 19% decline in emission intensity, while low-emission suppliers exhibit a 267% increase in offset intensity without reducing total emissions [72][73] Offset Quality - Suppliers facing downstream pressure tend to retire lower-quality offsets, indicating a preference for quantity over quality in their compliance strategies [80] - Firms engaging in genuine emissions reductions tend to select higher-quality offsets, suggesting a distinction between symbolic compliance and substantive operational changes [80] Customer Target Announcements - Customer announcements of climate commitments, even without validation, lead to limited supplier responses, primarily resulting in symbolic adjustments rather than meaningful operational changes [85][89]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The tourism industry in low - and middle - income countries is regarded as a powerful driving force for economic growth, employment creation, and the protection and inheritance of cultural and environmental assets. The World Bank plays a strategic role in tapping the development potential of tourism by providing development assistance, including technical support and funding for global tourism projects [11]. - The report shares the key lessons learned by the World Bank in tourism knowledge and operations over the past 10 years. It analyzes trends in research and design and factors influencing successful outcomes, and provides actionable suggestions for sustainable and inclusive development of the tourism industry [12][13][14]. Summary According to the Table of Contents World Bank's Role Evolution in Tourism Development - The World Bank has been involved in the tourism industry since the early 1960s. By 1980, it had supported tourism development in 27 countries, raising over $1 billion for large - scale projects. As of 2007, it had funded about 94 projects with a total amount of about $3.5 billion [15][16]. - In the 2010s, the World Bank's tourism portfolio grew steadily. Due to the COVID - 19 pandemic, it had to adapt quickly, providing assistance such as strengthening the health system, automating and digitizing tourism products and services, etc. After the pandemic, the demand for tourism support mainly focused on diversification, sustainability, and strengthening the tourism value chain [17][20]. - Currently, the World Bank is supporting 71 active tourism - related projects in 47 countries, with a total committed amount of $7.58 billion. From fiscal year 2012 to 2022, the compound annual growth rate (CAGR) of the World Bank's tourism - related loans reached 16%, more than twice the overall loan growth rate [21]. Tourism as a Development Tool: Evidence and Impact - **Economic Impact**: Economics literature supports that tourism plays a key role in promoting national economic growth. Empirical studies show positive impacts on local and national economic growth. For example, a 10% increase in local hotel revenue in Mexico led to a 4% increase in nominal local GDP [26]. - **Employment and Inclusion**: Tourism is considered a strong factor in promoting employment, especially among women and youth. 53% of those employed in tourism are women, and the youth employment rate in tourism is relatively high. However, tourism jobs often have lower salaries, are more seasonal, and are more likely to be part - time [27][29]. - **Social and Environmental Impact**: Tourism can generate significant social and environmental benefits if the proceeds are reinvested in community development and protection. However, most literature emphasizes the negative impacts, such as carbon emissions, increased pressure on water use and waste management systems, and social issues like sexual exploitation [30][31]. World Bank Technical Assistance - The World Bank provides technical assistance in areas such as circular economy, blue tourism, etc. It includes destination research to increase knowledge of specific topics, and approved and peer - reviewed reports are published in the World Bank's publications [36]. - In the past decade, the World Bank has produced 110 tourism publications. Most are destination - oriented technical assistance. The most popular research topics are tourism data, protection, cultural heritage, and inclusion [37]. Common Tourism Analysis Areas - **Economic Benefits**: Tourism can generate direct and indirect economic benefits by creating employment, attracting foreign direct investment, revitalizing rural areas, and enhancing skills. It also has unique economic characteristics, such as increasing real estate value [41]. - **Supply - side Analysis**: In tourism development, special attention should be paid to tourism supply elements. The complexity of the tourism industry and its extended supply chain, along with the large number of micro, small, and medium - sized enterprises, require cross - government coordination and a clear governance framework [42]. - **Gender and Inclusion**: Tourism can increase women's participation in the labor market, leadership roles, and entrepreneurship, but it also has potential risks such as informal part - time work, low wages, and gender - related issues [43]. - **Community Participation**: Communities can benefit from tourism under certain conditions, including strong demand, continuous skill improvement, and reinvestment of tourism revenue in community funds and management [43]. - **Key Tourism Research Gaps**: There are significant gaps in the understanding of how tourism affects poverty, the labor market, land use, and policy outcomes. More research is needed in many aspects, and impact evaluation is particularly scarce [44]. - **Social and Political Issues**: In destination management, more flexible and adaptable methods should be adopted to deal with external social and political challenges, and more research is needed on the diverse impacts of different tourism market segments [45]. World Bank Operations: Tourism Lending Bank - The 85 World Bank tourism projects from 2012 to 2022 can be roughly divided into three types: Type 1 projects target tourism directly, Type 2 are cross - sector projects integrating tourism elements, and Type 3 are environmental and social projects using tourism to achieve broader goals [52][53][49][50]. - Projects led by the national tourism bureau or department, with a design team including tourism expertise, and those involving multiple sectors and having a strong analysis basis tend to perform better. Destination - level tourism development is more effective when projects are geographically concentrated, appropriately scaled, and combine infrastructure investment with private - sector development [65][69][72]. Theory of Change: Paths to Development Driven by Tourism - Based on the analysis of 85 tourism operations, a tourism theory of change was developed, identifying nine common development challenges and 13 common solutions. Long - term outcomes include increased investment, income, and employment, better governance and economic inclusion, and sustainable destinations and assets [75][76]. Suggestions for Improving Tourism Project Design - **Understand the People**: Use innovative data collection methods to fill the gap in tourism data, and improve the government's ability to analyze and share data for evidence - based decision - making [83]. - **Make Collaboration a Pillar**: Strengthen governance and coordination by establishing strong coordination mechanisms and adopting a "whole - of - government" approach [81]. - **Unlock Investment in Small Enterprises**: Identify and address the limitations of micro, small, and medium - sized enterprises in the tourism industry, and provide targeted support [82]. - **Invest in Community - Serving Infrastructure**: Focus on a small number of regional investments, design infrastructure according to verified needs, and match it with technical assistance for governance institutions [84]. - **Restore Rather Than Destroy**: Establish systems to protect tourism assets, and reinvest tourist fees to fill the financing gap in biodiversity protection [85]. - **Measure and Share Results**: Establish a common result framework and a set of core tourism project indicators to achieve more consistent reporting and learning [86].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights significant improvements in Saudi Arabia's labor market over the past decade, driven by Vision 2030 and the National Labor Market Strategy (LMS), which have catalyzed private sector job creation and increased labor force participation, particularly among women and youth [6][24][25] - Key reforms have modernized labor market institutions, enhanced inclusion, and positioned the private sector as a primary driver of job creation [6][24][25] Summary by Sections Executive Summary - Saudi Arabia's Vision 2030 and LMS have improved labor market outcomes, shifting the economy beyond oil and increasing private sector job creation [24] - The report benchmarks 2025 outcomes against a 2015 pre-Vision 2030 baseline, showcasing key reforms and achievements [24] Key Achievements - Labor force participation has significantly increased, especially for women, with a notable reduction in unemployment rates [25] - The private sector has become more dynamic, with a younger, more educated workforce and a shift towards private employment, particularly among women [25][27] - Changing social norms have improved perceptions of private sector work, leading to increased job-seeking behavior among unemployed individuals [27] Vision 2030 and LMS - Vision 2030 aims to diversify the economy and improve living standards through labor market reforms [39] - The LMS focuses on modernizing governance, increasing employment creation, and improving skills and job quality in the private sector [39][40] - The LMS includes 27 initiatives, with 19 implemented, and has exceeded many key performance indicators [41][51] Labor Market Activation - The working-age population is increasingly educated, with a rise in tertiary education among both Saudis and expatriates [65] - Employment opportunities have expanded, particularly for vulnerable groups, leading to a decrease in youth not in employment, education, or training (NEET) [68] - The transition from inactivity to employment has improved, especially for women and youth, indicating a more inclusive labor market [68]

Investment Rating - The report does not explicitly provide an investment rating for the sanitation industry. Core Insights - The sanitation sector is increasingly recognized as critical for urban resilience, particularly in the context of climate change, which poses significant risks to public and environmental health [17][18][20]. - A systems-based approach is essential for enhancing the resilience of urban sanitation systems, integrating them with other urban infrastructure and services [21][22][23]. - The Citywide Inclusive Sanitation (CWIS) approach is highlighted as a key paradigm for ensuring adequate sanitation for all urban residents, particularly under climate change pressures [21][22]. Summary by Sections 1. Introduction - Urban sanitation systems are interconnected with other critical urban infrastructures, and their failures can trigger cascading adverse effects on public health and environmental sustainability [17][18]. - Climate change exacerbates vulnerabilities in urban sanitation systems, necessitating integrated resilience planning [17][18]. 2. Climate Change Impacts on Urban Sanitation Systems - Urbanization has led to increased pressure on sanitation systems, with inadequate infrastructure being further strained by climate change impacts [24][25]. - Climate change manifests through extreme weather events, which can damage sanitation infrastructure and disrupt services, leading to public health risks [25][27][28]. 3. Urban Sanitation Failures and Climate Change - The report categorizes urban sanitation failures into five modes, linking them to climate change impacts and emphasizing the need for a systems-based approach to address these failures [36][39][43]. - Climate change can lead to direct negative impacts on sanitation systems, including damaged infrastructure and disrupted services, which threaten progress towards Sustainable Development Goals (SDGs) [27][29][49]. 4. Citywide Inclusive Sanitation (CWIS) and Climate Change - CWIS is positioned as a critical framework for integrating climate resilience into sanitation planning, ensuring that all urban residents have access to safe sanitation services [21][22][23]. - The report emphasizes the importance of adaptive and inclusive planning to safeguard public and environmental health in the face of climate variability [22][23]. 5. Conclusion - The findings underscore the urgent need for climate-resilient sanitation systems that can adapt to changing conditions while maintaining universal access to safely managed services [20][21][22].

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The World Bank's support has been pivotal in addressing the plastic waste crisis in the Philippines, focusing on technical support, policy guidance, and strategic financing to enhance local capacity and promote a circular economy in plastic waste management [3][6][7]. Summary by Sections The Context - The Philippines is a significant contributor to marine plastic pollution, leaking over 0.3 million metric tons of plastic waste into the ocean annually, which constitutes approximately 8.8% of its total mismanaged plastic waste [6][14]. - The country faces challenges in establishing a sustainable solid waste management system due to infrastructure, governance, and policy gaps, despite strong political will to combat plastic pollution [6][12][15]. The Story - The World Bank's engagement has raised national awareness of the plastic crisis and facilitated the development of local knowledge and capacity while providing targeted financial assistance [7][8]. - The government of the Philippines has shown commitment to improving plastic waste management through various legislative measures, including the Ecological Solid Waste Management Act and the Extended Producer Responsibility Act [21][40]. Plastic Waste in the Philippines - The Philippines generates about 1.7 million tonnes of post-consumer plastic waste annually, with a significant portion being single-use plastics [15][18]. - The country has low recycling rates, approximately 9% as of 2019, due to inadequate infrastructure and regulatory standards [18][19]. Systematic Approach to Circularity - The roadmap for managing plastic waste emphasizes phasing out single-use plastics and implementing Extended Producer Responsibility (EPR) schemes as foundational pillars for achieving circularity [37][38]. - The roadmap was developed through extensive stakeholder engagement and aims to provide a practical guide for improving plastic waste management [40][46]. Funding and Support - The World Bank has mobilized over USD 1 million in funding for various analytical studies and capacity-building activities to support the Philippines' transition to a circular economy [67]. - A significant milestone was the formal request from the Philippine government for a USD 1 billion "Clean Philippines" program to enhance solid waste management and reduce ocean-bound plastic pollution [70][71].