什么新 ? 2025年，实际国内生产总值增长率加速至8%，得益于强劲的出口和更高的公共投资。出口达到创纪录水平，以对美国 的先进技术和电子产品出口为主。然而，随着中间贸易的繁荣推动整体进口达到创纪录高点，净出口开始拖累整体增 长，与往年形成对比。增加的外国直接投资流入和公共投资支出推动了制造业和建筑活动的增长。尽管整体上具有弹 性，但受房地产领域谨慎情绪影响，消费者对耐用品的支出放缓。通货膨胀率低于目标，得益于全球能源价格的下降 。尽管信贷增长迅速，但在持续的汇率压力和存款增长缓慢的情况下，金融条件在边际上收紧，迫使银行动员长期资 金，包括通过债券发行。越南开始了一项重大的改革推动，这是自20世纪80年代中期的" doi moi"浪潮以来的首次。除 了显著的组织整合和省份合并外，过去一年还实施了几个主要公共财政、税收和商业环境改革，预计这种势头将持续 至2026年。政府计划在2026-30年间投资8.5万亿越南盾（约合4000亿美元）。 沙特 ኢ披露授 2026年1月 众披露授 | | | | 12-24 | | | 1-25 2-25 3-25 4-25 5-25 6-25 7-25 8-25 9-25 | ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Human Capital Index Plus (HCI+) measures the average human capital a child born today can expect to accumulate over their working life, highlighting significant disparities in human capital across countries [4][8] - On average, children born today in low- and middle-income countries will forgo 51% of their future potential earnings due to current levels of human capital development [1][19] - The HCI+ reveals that a child born today could earn 47% more globally if their country's human capital matched that of top performers at similar income levels, with a 51% increase for low- and middle-income countries [19][20] Summary by Sections Introduction - There are vast productivity differences across countries, with GDP per hour worked in the most productive countries being over 30 times that of the least productive [3] - Two-thirds of low- and middle-income countries have seen a deterioration in core dimensions of human capital over the past 15 years [3] Human Capital Index Plus (HCI+) - The HCI+ extends the original Human Capital Index by measuring human capital accumulation beyond age 18, focusing on health, education, and employment up to age 65 [6][8] - The index is decomposable, allowing for easy identification of components contributing to observed gaps in human capital [6] Global Patterns - Human capital deficits exist in all countries, with significant disparities; on average, countries operate roughly 40 points below best-in-class performance [25] - Regions below the global HCI+ average could increase future labor earnings by 58% to 76% if they matched top performers [32][34] Gender Gaps - There is a 20-point difference in the HCI+ between men and women globally, translating to 20% lower labor earnings for women [42][44] - Closing gender gaps in regions like MENAAP and South Asia could lead to potential earnings increases of 70% and 56% for women, respectively [44][46] Policy Recommendations - The report emphasizes the need for targeted investments in nutrition, health, education, and employment to address human capital shortfalls [50][51] - It advocates for broader policy approaches that include home environments and neighborhoods, as well as workplace learning opportunities [53][55]

METHODOLOGY NOTE THE HUM N HUM CAPITAL INDEX+ 2026 METHODOLOGY NOTE THE HUM N CAPITAL INDEX+ 2026 © 2026 International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org This work is a product of the staff of The World Bank with external contributions. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or t ...

Policy Research Working Paper 11312 From Training to Earning The 7-Year Impact of Dual Apprenticeships on Youth Employment Bruno Crépon Eva Lestant Patrick Premand Development Economics Development Impact Group February 2026 This paper is a product of the Development Impact Group, Development Economics. It is part of a larger effort by the World Bank to provide open access to its research and make a contribution to development policy discussions around the world. Policy Research Working Papers are also post ...

Policy Research Working Paper 11310 Productivity Gap between Women- and Men-Run Private Hotels in Georgia A Data Envelopment Analysis–Based Meta Frontier Analysis Mohammad Amin Nesma Ali Development Economics Global Indicators Group February 2026 A verified reproducibility package for this paper is available at http://reproducibility.worldbank.org, click here for direct access. Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Policy Research ...

Policy Research Working Paper 11308 The Effects of Digital Literacy on Wages in Europe and Central Asia Metin Nebiler Kyunglin Park Digital skills are becoming increasingly more important in the labor market as demand for them is increasing in all sectors. This paper explores the determinants of dig- ital skill acquisition and estimates the impact of digital skills on wages in developing countries by using the latest round of the Life in Transition Survey from 30 countries in the Europe and Central Asia reg ...

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]