Industry Investment Rating - The report does not explicitly provide an investment rating for the industry, but it highlights the importance of biodiversity conservation and the global "30x30" initiative, which aims to protect 30% of the Earth's land and sea by 2030 [10][12] Core Viewpoints - The report emphasizes the need for global biodiversity conservation, particularly through the "30x30" initiative, which has been adopted by 188 governments [10] - It highlights the use of the Global Biodiversity Information Facility (GBIF) data to identify new species protection opportunities in 10 countries across Latin America, Africa, and the Asia-Pacific region [11][12] - The study focuses on the importance of local conservation management and the role of endemic species in achieving biodiversity protection goals [12][13] Methodology and Findings - The report introduces a spatially efficient algorithm to identify priority areas for new protected areas, ensuring equal weight for all species, including vertebrates, invertebrates, and plants [13][16] - It demonstrates that spatial clustering of unprotected species allows for significant conservation gains with relatively small expansions of protected areas [16][19] - The study provides detailed case studies for countries like Brazil, Cameroon, South Africa, Costa Rica, Ecuador, Papua New Guinea, the Philippines, Madagascar, India, and China, showing varying levels of species protection and the spatial impact of expanding protected areas [20][21][35][51][74][85][97] Country-Specific Insights - In Brazil, 30.6% of the land is already protected, covering 93% of endemic species, but 1,412 species remain unprotected [21][22] - Cameroon has only 12% of its land protected, leaving 29.3% of endemic species unprotected [35][36] - South Africa and Costa Rica show impressive protection rates, with 91% and 97.9% of endemic species protected, respectively [51][52] - Ecuador and Papua New Guinea require varying levels of land expansion to achieve full species protection, with Ecuador needing up to 48% of its territory and Papua New Guinea needing 24% [74][75][82] - The Philippines and Madagascar show that marine species protection can be achieved with modest expansions of marine protected areas [85][86][93] - India and China, despite limited public data on protected areas, demonstrate the potential for significant species protection with relatively small land expansions [97][98][109][116]

Industry Overview - The report focuses on the healthcare workforce crisis in Sub-Saharan Africa, specifically in the primary healthcare (PHC) sector, using data from 10 countries and 7,915 health facilities [4][8] - The median PHC provider sees 10.9 patients per day, spending less than two hours on patient care, indicating significant underutilization of capacity [4][12] - There is a weak correlation between provider caseload and medical competence, with highly competent providers often underutilized [4][14] Key Findings - The top 20% of busiest providers handle 40% to 67% of all outpatient visits, leading to long wait times for patients despite overall underutilization [13][38] - Reallocating underutilized high-competence providers to busier facilities could improve the quality of care by 4.5 percentage points (12%) in half of the sample countries [4][17] - In the other half of the countries, quality improvement would require a complete overhaul of training infrastructure and facility distribution [4][17] Data and Methodology - The study uses data from the World Bank's Service Delivery Indicators (SDI) surveys, covering 10 Sub-Saharan African countries with a total population of 515 million [21] - Two main outcome measures were constructed: "outpatients per provider per working day" and "vignette diagnostic competence," which assesses providers' ability to correctly diagnose and treat common conditions [21][25] - A simulation was conducted to estimate the potential quality improvement from reallocating the most competent providers to the busiest facilities [27] Implications for Healthcare Systems - The findings challenge the notion of a general healthcare workforce shortage, revealing instead a complex issue of unequal caseload distribution and misallocation of competent providers [49][55] - In half of the countries studied, significant productivity losses are observed due to the misallocation of high-competence providers, with potential quality improvements achievable through better allocation [49][62] - In the other half, the lack of highly competent providers limits the potential gains from reallocation, indicating a need for systemic reforms in medical education and training [50][63] Policy Recommendations - The study suggests that reallocating providers to match caseloads with competence could be a cost-effective way to improve healthcare quality in some countries [49][56] - In countries with a severe shortage of competent providers, systemic reforms in training infrastructure are necessary to address the underlying issues [50][63] - The findings highlight the importance of addressing both the unequal distribution of caseloads and the misallocation of competent providers to improve healthcare outcomes in Sub-Saharan Africa [55][62]

Industry Investment Rating - The report does not explicitly provide an industry investment rating, but it highlights significant gender-based disparities in financial access and capital allocation, suggesting potential investment opportunities in addressing these gaps [5][6] Core Findings - Female-managed firms are equally likely to apply for credit as male-managed firms but receive lower credit amounts, indicating intensive margin credit constraints [5][6] - Female-managed firms demonstrate a 15% higher average return on capital compared to male-managed firms, suggesting potential capital misallocation [6] - Gender disparities in credit access are more pronounced in countries with restrictive social and cultural norms [17][18] Data and Methodology - The study uses firm-level data from the World Bank Enterprise Surveys (WBES) for 61 countries, focusing on formal firms with 5+ employees in the manufacturing sector [21] - Gender disparities are analyzed using both extensive (credit application, rejection rates) and intensive (loan amounts) margins [41] - Countries are classified as more or less traditional based on social perceptions about women's roles, using data from the World Values Survey (WVS) [24] Gender Gaps in Financial Access - Female-managed firms are less likely to have their credit applications rejected and more likely to have open credit lines compared to male-managed firms [51] - However, female-managed firms receive 39% lower loan amounts on average, with the disparity being more severe (52% lower) in traditional countries [53] - These disparities are not explained by differences in risk profiles, profitability, or productivity between female and male-managed firms [56] Capital Misallocation - Female-managed firms show a 15% higher average return on capital, indicating potential capital misallocation, particularly in traditional countries [68] - The higher return on capital for female-managed firms suggests they could benefit from increased access to credit to align with male-managed firms' performance [68] - Capital misallocation is more pronounced in firms that apply for and receive credit, especially in traditional countries [71] Policy Implications - The findings suggest the need for gender-inclusive financial products and services to address the specific constraints faced by female entrepreneurs [91] - Enhancing access to markets and technology for female-led firms could improve their sales per worker and overall performance [92] - Legal and regulatory reforms, along with gender intelligence training for financial intermediaries, could help reduce capital misallocation and improve credit access for women-led businesses [94]

Industry Investment Rating - The report does not explicitly provide an investment rating for the industry, but it emphasizes the growing importance of cross-border power grid interconnections and regional electricity markets as key enablers for the sustainable energy transition [17][18][19] Core Report Insights - The report highlights the multifaceted drivers of cross-border power trade, including economic value, enhanced power supply security, and climate change mitigation [19] - It underscores the importance of both physical (hard) and regulatory/operational (soft) infrastructure for successful regional power system integration [20][23] - The report identifies political commitment and financing as the two fundamental challenges to achieving deeper regional power grid integration [28][169] Summary by Section Executive Summary - The report aims to provide a foundational guide for integrating power grids and markets across borders, particularly in developing and emerging economies [17] - It emphasizes the economic, security, and environmental benefits of cross-border power trade, including cost savings, improved reliability, and reduced carbon emissions [19][20] - The report outlines five core building blocks for successful integration: interconnection infrastructure, planning and investment coordination, technical and operational coordination, commercial arrangements and market design, and institutional architecture [22][23] Power Trade Across Borders - Infrastructure connectivity, particularly power grid interconnections, is recognized as pivotal for sustainable development and shared prosperity [33] - Cross-border power trade enables countries with electricity surpluses to export power, while energy-deficient countries can improve access to reliable and affordable electricity [35] - The report highlights the potential for grid interconnection on a larger scale, connecting regions with different time zones and weather patterns to better utilize variable renewable energy (VRE) [36] Evolution of the Power Grid and Market Integration - Power system integration has evolved from bilateral grid interconnections to regional power pools and market-based trading [43] - Integration levels range from early-stage (limited coordination) to shallow integration (some coordination) and deep integration (well-developed institutions and competitive markets) [44][46] - The report provides examples of regional power pools at different integration levels, such as the Southern African Power Pool (SAPP) and the European Union's internal energy market [45][46] Drivers of Cross-Border Power Integration - The primary drivers of regional power system integration include economic efficiencies, power supply security, and climate change mitigation [67] - Economic benefits are derived from lower operating costs, economies of scale, and revenue opportunities from electricity exports [72] - Cross-border power trade enhances supply security by aggregating diverse energy resources and balancing supply and demand across regions [74] - Grid interconnections play a critical role in integrating larger shares of renewable energy and reducing carbon emissions [81][82] Building Blocks of Regional Grid Interconnections and Electricity Markets - Successful regional integration requires both physical infrastructure (transmission lines, substations) and enabling soft infrastructure (regulatory, operational, and market frameworks) [87][90] - Planning and investment coordination are essential to optimize generation and transmission investments across participating countries [108][109] - Technical and operational coordination, including grid codes and interconnector capacity allocation, are critical for efficient and reliable power system integration [125][130] - Commercial arrangements and market design, such as transitioning from bilateral trading to regional markets, are key to enhancing cost efficiency and competitiveness [137][140] Challenges of the Power Grid and Market Integration - Political commitment and cooperation are fundamental to overcoming challenges in cross-border grid integration, particularly in regions with complex political dynamics [170][171] - Financing cross-border interconnection projects is more challenging than financing renewable projects due to long lead times, revenue uncertainty, and regulatory complexities [176][177] - Developing countries face additional challenges, including limited domestic transmission infrastructure and difficulties in accessing affordable financing [179] Looking Ahead - Addressing the challenges of power grid integration requires greater partnerships, cooperation, and coordination among governments and the private sector [183] - The report emphasizes the need for global and regional initiatives to foster political commitment, build trust, and prioritize transnational benefits [184] - Scaling up financing for cross-border infrastructure, including concessional financing and innovative mechanisms like green bonds, is critical for advancing regional power grid integration [189][190]

Investment Rating - The report does not explicitly provide an investment rating for the industry or region [1][2][3] Core Viewpoints - Vietnam aims to achieve upper middle-income status by 2030 and high-income status by 2045, requiring gross capital investments to account for 32-35% of GDP, with government investment at 7.3% of GDP annually to support infrastructure development [14] - Public investment in Vietnam has declined from 8% of GDP in 2011 to 6% in 2022, with chronic under-execution of investment budgets and significant delays in project implementation [16] - The central government's share of total government investment has decreased from 40% to 20% over the past seven years, leading to over-investment by provinces in low-value projects and stranded assets [16] - Vietnam's infrastructure quality lags behind regional peers, with road transport costs being the highest in the region, which could impact its attractiveness as an FDI destination [20][22] Public Investment Trends - Vietnam's infrastructure quality ranks 77th globally, behind countries like China, India, Indonesia, Malaysia, and Thailand, with expressway density being one of the lowest in the region [20][22] - To sustain economic growth, Vietnam needs to invest 7-7.3% of GDP in infrastructure annually, aligning with global experience where fast-growing countries invest at least 7% of GDP in public investment [25] - Public investment as a share of GDP has declined from 8% in 2011 to 6% in 2022, with public capital stock per capita and per worker below upper middle-income and high-income countries [28] Inefficiencies in PIM and IGF Systems - The PIM system in Vietnam suffers from allocative inefficiencies, with provinces over-investing in low-value projects like industrial parks and provincial ports, leading to environmental degradation and economic waste [38][39] - Vietnam has 47 seaports, but 95% of cargo goes through three central government-operated ports, indicating uneconomic investments by provinces [40] - Overinvestment in small airports has resulted in low passenger volumes, with only 6 out of 22 airports experiencing growth, while most are loss-making [46] Systemic Problems in Subnational PIM and IGF Systems - Vietnam's fiscal decentralization has led to a fragmented intergovernmental system, with subnational governments accounting for 60% of total government expenditures, significantly higher than the international average [65] - The State Budget Law and Public Investment Law lack mechanisms for vertical and horizontal coordination, leading to underinvestment in national and regional infrastructure [40][41] - The lack of effective incentive and enforcement mechanisms at the regional level has resulted in a race-to-the-bottom competition among provinces, leading to inefficient public investments [44][45] Recommendations and Next Steps - The report recommends rebalancing infrastructure investment from provincial to central levels, addressing legal loopholes, and establishing robust monitoring mechanisms for capital budget resources [17] - It suggests institutionalizing tools for vertical and horizontal coordination, such as co-financing arrangements and regional Public Investment Programs, to enhance regional investment efficiency [96] - The report also emphasizes the need for a comprehensive review of expenditure responsibilities and the alignment of MTIPs with national and regional spatial development masterplans [93]

Industry Overview - Brazil's financial sector has seen significant advancements in financial inclusion, particularly with the rapid adoption of the PIX payment system, which now facilitates over 4 billion monthly transactions [8] - Despite these advancements, financial consumers in Brazil face significant risks, including fraud, scams, over-indebtedness, and mis-sold bundled insurance products, with vulnerable groups like women and young consumers disproportionately affected [8] - Over-indebtedness remains a critical issue, with 72.89 million adults in default as of the latest report, despite government initiatives like the Desenrola Program aimed at restructuring defaulted personal loans [8] Financial Sector Landscape - Brazil's financial sector is the largest in Latin America, with a GDP of USD 1.9 trillion in 2022, and has shown marked ability to control inflation and foster financial markets, competition, and inclusion [12] - The banking system is highly centralized, with the five largest banks accounting for 76.6% of total banking assets in 2021, and the payment infrastructure has grown significantly since the establishment of a national payments system in 2013 [16] - Domestic credit to the private sector in Brazil represents 71.8% of GDP (2022), with household loans amounting to BRL 3.6 billion in March 2024, reflecting a 10% increase from the prior 12 months [21] Consumer Credit Market - Brazil's consumer credit market is primarily composed of unsecured loans, especially credit cards and government-managed payroll loans, with credit cards being the main source of consumer defaults [21] - As of March 2024, 72.89 million consumers were in default, representing 44.3% of the adult population, with 50.4% being women, and the number of defaulted consumers is at an all-time high [21] - Payroll loans play a significant role in the Brazilian market, especially for consumers receiving periodic government payments, with INSS having more than 63 million active payroll loans totaling BRL 145 billion [26] Insurance and Payment Products - Brazil's insurance industry represents only 3.6% of the country's GDP, with private pension funds being the leading segment, followed by property coverage and life insurance [36] - Payment accounts have emerged as the fastest-growing account type, with 80 million new accounts opened with Payment Institutions (PIs) alone between 2018 and 2020, driven by the increasing preference for non-physical transactions and the adoption of PIX [36] - Capitalization bonds, although the smallest segment in terms of revenue, achieved an impressive 49.6% Return on Equity (ROE) in 2022, while property and life insurance combined showed a 21.9% ROE [36] Financial Consumer Protection (FCP) Framework - Brazil currently lacks a dedicated FCP law, with the primary legislation governing financial consumer protection being the general Consumer Protection Code (CDC) [47] - The CDC imposes various requirements that generally apply to all goods and services, but it focuses on addressing abusive and unfair practices rather than specifically targeting FCP concerns [47] - The National Monetary Council (CMN) has issued overarching regulations for financial institutions, addressing topics such as suitability, debt collection, consumer mobility, and account closure, but the regulatory landscape remains complex and fragmented [49] External Dispute Resolution (EDR) Mechanisms - Brazil provides a dispute resolution mechanism for consumers through Procons and SENACON's Consumidor.gov platform, which processed almost 1.5 million complaints in 2021, with the financial sector responding to 30% of these complaints [60] - BCB receives around 500,000 complaints per year through its RDR system, analyzing individual complaints and rating them as indicative of a breach of compliance, but it lacks formal determination powers for individual complaints [60] - SUSEP has historically been more focused on acting on individual complaints on an ad hoc basis, with its current approach reflected in Circular SUSEP 643/21, which notes that supervisory action may be undertaken on an individual level [63]

Industry Investment Rating - The report does not explicitly provide an investment rating for the industry [1][2][3] Core Viewpoints - Open finance frameworks have the potential to enhance customer empowerment, competition, data-driven innovation, and financial inclusion [15] - Open finance can expand the use and benefits of financial services for those who already have accounts by offering personalized savings, credit, insurance, or investment products [16] - Open finance should be designed to support responsible financial inclusion and benefit all parties involved, especially traditionally excluded and underserved segments [17] - Public authorities play a critical role in designing open finance frameworks and ensuring adequate safeguards [15] Key Elements of Open Finance Framework Organizing for Open Finance - Define clear policy objectives and how open finance will contribute to them, such as improving competition, innovation, customer empowerment, and financial inclusion [58] - Public authorities should lead the process and collaborate across different sectors to ensure the framework meets policy objectives [63] - Establish effective, transparent, and inclusive governance arrangements to support the ecosystem's operations and ensure representation of all stakeholders [69] Regulating Open Finance - Implement risk-based and proportionate regulation to determine rules for customer-permissioned data access, ensuring all participants are subject to regulation [75] - Oversight and supervision are essential to monitor the ecosystem and ensure compliance with laws and regulations [81] - A robust consumer protection and data protection framework is necessary to build trust and foster adoption while minimizing potential harm [85] Operational Elements - Facilitate consumer awareness and understanding of open finance opportunities and risks to support adoption and financial inclusion [97] - Enable broad participation of financial services providers, especially large data holders, to ensure widespread customer adoption [100] - Encourage the use of standardized APIs and a common architecture to support interoperability, reduce costs, and ensure data security [107] - Monitor and influence pricing to support policy objectives, ensuring fair compensation and avoiding barriers to participation [112] Industry Impact and Opportunities - Open finance can improve personal and business financial management, reduce costs, and enhance financial planning and budgeting [33] - It can also improve access to credit for low-income customers and small businesses by leveraging transaction data for credit decisions [31] - Open finance has the potential to increase the breadth, depth, and utility of financial services, contributing to financial inclusion and growth of the financial sector [31][36] - The development of new services can make account ownership more attractive and open up new pathways to financial inclusion [38]

Industry Overview - The services sector in Uzbekistan accounts for more than half of all jobs and has been central to structural transformation over the past three decades, with its share of total employment increasing from 37% to 50% between 1991 and 2022 [21] - The services sector's share of value-added rose from 35% to 44% over the same period, offsetting declines in agriculture and industry [21] - Labor productivity growth in the services sector between 2011 and 2021 exceeded that in both industry and agriculture, reversing previous trends [21] Services Sector Composition - The services sector is grouped into four categories: low-skilled consumer services, low-skilled enabling services, global innovator services, and social services [23] - Social services accounted for three-fourths of employment growth in the services sector between 2017–2022, driven by increased public spending [23] - Global innovator services (ICT, professional, and financial services) have the highest levels of labor productivity but account for only about 4% of total services employment [25] Trade and FDI - Growth of Uzbekistan's services exports has lagged behind its manufactures' exports, while FDI greenfield announcements to both sectors have been even [22] - FDI inflows to the services sector have increased over the past decade, with announced investments into services matching those in the manufacturing sector between 2020 and 2023 [73] Policy Recommendations - Uzbekistan can leverage the services sector for growth through progress along three areas: connectivity, contestability, and capabilities (3Cs) [27] - Connectivity improvements include investments in physical and digital infrastructure, while contestability focuses on reducing trade restrictions and increasing market competition [27][35] - Capabilities involve enhancing worker skills and management practices, with a focus on advanced technical education and vocational training [27][33] Economic Impact of Reforms - Reforms to reduce restrictions on services trade could increase real GDP by 9% with partial liberalization and by 17% with full liberalization [36] - The liberalization of services trade is expected to increase real incomes by 8% in a partial liberalization scenario and by 16% in a full liberalization scenario [36][37] WTO Accession - Uzbekistan's prospective accession to the WTO provides an important entry point for the liberalization of the services sector, with potential benefits including increased trade and investment [37][39] - The implementation of trade facilitation and foreign direct investment reforms could increase real GDP gains from approximately 10% to about 22% [39]

Industry Investment Rating - The report does not explicitly provide an overall investment rating for the industry, but it highlights the prevalence of corporate income tax (CIT) incentives aimed at promoting environmentally sustainable investment across 40 economies [19][20] Core Findings - CIT incentives for polluting sectors are significantly more prevalent than those supporting environmental sustainability, with polluting incentives accounting for an average of 10% of total CIT incentives compared to 3% for green sector-oriented and 3% for green process-oriented incentives [23] - High-income economies offer a higher share of green incentives (averaging 9% of total CIT incentives) compared to developing economies (6%) [23] - Accelerated depreciation, tax holidays, and reduced tax rates account for over 85% of green incentives, with accelerated depreciation being the most common at 47% [106] Trends Across Economies - The total number of CIT incentives increased from 1,434 in 2009 to 2,265 in 2020, with green incentives remaining relatively stable while polluting incentives declined in recent years [78][75] - Approximately one-third of the 40 economies analyzed do not offer any green incentives, while six economies have green incentives comprising at least 10% of total CIT incentives [81] - Chile has the highest share of green incentives at 25% of total CIT incentives, while Iraq and Peru have the highest share of polluting incentives at 36% and 47%, respectively [81][84] Trends By Region - The East Asia and Pacific region and Latin America and Caribbean region display the highest share of green incentives, averaging about 8%, compared to Sub-Saharan Africa, which ranges between 2% and 4% [94] - Europe and Central Asia, and Sub-Saharan Africa show roughly flat trends in polluting incentives, while East Asia and Pacific, South Asia, and Latin America and Caribbean show a decline from 2011 onward [97] Trends By Income Level - Developing economies have a higher prevalence of polluting incentives (averaging 10% of total CIT incentives) compared to high-income economies (5%) [105] - High-income economies show a slight increasing trend in green incentives over time, while developing economies remain relatively stagnant [99] Trends By Tax Instrument - Tax holidays for green process-oriented incentives are the most generous, offering an average of 18 years in 2009, decreasing to 11 years in 2020, while polluting incentives have the shortest durations, declining from 7 years in 2009 to 4 years in 2020 [113] - Profit-based incentives (e.g., tax holidays, reduced tax rates) and cost-based incentives (e.g., accelerated depreciation, tax credits) are roughly evenly split, with a slight trend toward increased use of profit-based incentives despite policy recommendations favoring cost-based instruments [119] Areas for Future Research - Future research should evaluate the impact of green tax incentives on environmentally sustainable investment, particularly in developing economies, and investigate the relationship between green tax incentives and other government policies [126][127] - There is a need to assess the revenue costs of different policies and instruments, as well as the cost-benefit trade-offs of using CIT incentives to promote the green agenda [130][131]

Executive Summary Public Disclosure Authorized Understanding the Challenges and Constraints of Bhutanese Youth in Accessing Employment Opportunities Tshering Choki and Alvin Etang1 November 30, 2023 Poverty and Equity Global Practice, South Asia Region 1 Tshering Choki is the Director of Athang Training Academy, Athang Private Limited, Thimphu, Bhutan. Alvin Etang is a Senior Economist in the Poverty and Equity Global Practice of the World Bank. The report was prepared as a background paper for the Bhutan P ...