Investment Rating - The report indicates a generally optimistic outlook for emerging market corporate borrowers, highlighting their resilience amidst global interest rate fluctuations [6][21]. Core Insights - Emerging market companies have shown resilience in the face of global interest rate shifts, with borrowing costs tracking global rates more closely than in previous crises [6][7]. - A significant shift towards local currency borrowing has been observed, reducing vulnerabilities associated with foreign currency debt [15][20]. - Interest coverage ratios for emerging market firms remain healthier than pre-pandemic levels, despite rising interest payments [16][20]. Summary by Sections Impact of Global Interest Rates on Borrowing Costs - Emerging market corporate yields have remained stable relative to U.S. Treasuries, with a notable spike in March 2020 quickly normalizing [7][12]. - U.S. dollar-denominated bond yields for emerging markets increased from 4.8% in December 2019 to 6.4% in September 2024, which is less pronounced than the rise for advanced economies [12][14]. Shifts in Debt Structure - There has been a marked shift towards local currency borrowing, particularly in countries with developed domestic capital markets, such as India [15][20]. - This shift helps mitigate risks associated with exchange-rate fluctuations, although not all firms have access to local currency options [15][20]. Financial Health of Emerging Market Corporates - Despite increased interest payments, emerging market firms maintain healthy financial positions, with interest coverage ratios comparable to pre-pandemic levels [16][25]. - In lower-middle-income countries, interest payments as a share of total debt rose from 6% in 2021 to 9% in 2024, yet coverage ratios have stabilized [16][25]. Future Vulnerabilities - Global interest rates are expected to remain above pre-pandemic levels, raising concerns about the cost of refinancing existing debt [20][21]. - Corporate leverage has increased, making firms more sensitive to shifts in global financial conditions [20][21].

Investment Rating - The report does not explicitly provide an investment rating for the industry or sector discussed Core Insights - The World Bank Group (WBG) aims to support Azerbaijan in transitioning to a more dynamic and greener growth model, focusing on enhancing resilience, sustainability, productivity, and job creation [13][16] - Azerbaijan's economic growth has slowed, necessitating a shift from hydrocarbon dependency to a diversified economy that includes renewable energy sources [14][15] - The government has set ambitious climate targets, including a 35% reduction in greenhouse gas emissions by 2030 and increasing renewable energy to 30% of the energy mix by 2030 [15][35] Summary by Sections I. Introduction - The Country Partnership Framework (CPF) outlines WBG's engagement in Azerbaijan for FY25-29, aligning with the government's socio-economic development strategy [13] II. Country Context and Development Agenda - **Social and Political Context**: Azerbaijan remains politically stable under a centralized government, with ongoing discussions for a peace agreement with Armenia that could enhance regional trade [18][19] - **Recent Economic Developments and Outlook**: Economic growth has averaged 1.7% annually since 2010, with a significant decline in the hydrocarbon sector, while the non-energy sector has shown growth [23][29] - **Poverty and Shared Prosperity**: The national poverty rate has stabilized around 5%, but rural areas face higher poverty levels and income vulnerability [31] - **Development Agenda**: The economy's heavy reliance on hydrocarbons and state involvement necessitates a new growth model driven by the private sector and economic diversification [36][39] III. World Bank Group Partnership Framework - **Government Program and Medium-term Strategy**: The government's development goals focus on economic diversification, social equity, and environmental sustainability [48] - **Proposed WBG Partnership Framework**: The CPF aims to leverage lessons learned from past engagements to foster a competitive, inclusive, and sustainable economy [30][49]

Investment Rating - The report does not explicitly provide an investment rating for the industry under study Core Insights - The study investigates the impact of digital labor-market platforms on employment outcomes for recent graduates in Mozambique, highlighting gender disparities in platform usage and effectiveness [1][6][13] - Digital platforms like Emprego and Biscate are analyzed, with findings indicating that while men benefit from these platforms, women show lower responsiveness and higher reservation wages, suggesting potential perpetuation of gender disparities in labor markets [11][13][8] - The research employs a randomized encouragement design to assess the effectiveness of these platforms, revealing that overall treatment effects on employment outcomes are close to zero, with some positive impacts noted for men using Biscate [11][13] Summary by Sections Introduction - Youth employment is a significant concern in Africa, with high rates of unemployment among young individuals, attributed to labor-market frictions and structural challenges [2][6] - Digital platforms are expected to reduce job search costs and improve employment matches, but face challenges such as congestion and information asymmetries [5][6] Study Design - The study focuses on graduates from Technical and Vocational Educational and Training (TVET) institutes in Mozambique, utilizing a longitudinal survey to track employment outcomes [9][14] - Two platforms are compared: Emprego for formal jobs and Biscate for informal task-based work, with the aim of understanding their relative effectiveness [8][17] Results - The analysis shows that while digital platforms have the potential to improve employment outcomes, the actual impact varies significantly by gender, with men experiencing more favorable outcomes than women [11][13] - The nudges to encourage platform registration resulted in increased usage, particularly for Biscate, but overall employment outcomes remained low across both platforms [45][46] - The study concludes that digital platforms can have complex and gender-differentiated effects, influenced by existing social norms and the nature of the labor market segment they target [13][8]

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The rehabilitation of 2,500 km of major roads in Tanzania was evaluated for its impact on rural livelihoods, revealing that while transportation costs decreased, rural households faced adverse effects such as reduced agricultural income and increased competition [1][7][52]. Summary by Sections Introduction - Spatial isolation is a significant contributor to poverty, with 80% of the extreme poor living in rural areas. Only 34% of rural Sub-Saharan Africans live within 2 km of an all-season road, highlighting the need for infrastructure investment [2][6]. Context - Agriculture is the main livelihood for over two-thirds of Tanzanians, accounting for 70% of their income. The road upgrading program aimed to enhance rural economies and reduce poverty by improving access to markets [15][20]. Road Upgrading Program - The program focused on upgrading roads in poor condition, with 6,000 km planned for improvement. By the end of 2013, 2,564 km of roads were paved, significantly improving Tanzania's infrastructure ranking [23][25]. Data - The analysis utilized geolocated road data from TANROADS and household panel survey data from LSMS-ISA, covering 3,265 households across Tanzania [26][34]. Estimation Strategy - A difference-in-difference estimation approach was employed, controlling for household fixed effects and using propensity score matching to create comparable treatment and control groups [38][41]. Results - The findings indicated that rural households experienced a decrease in rice prices and agricultural income, while non-farm work increased. There was no significant evidence of migration due to the road upgrades [52][56].

Core Insights - Accurate and comprehensive household livelihood measurement is crucial for monitoring poverty reduction progress and targeting social assistance programs [4] - Traditional data collection methods are costly, making comprehensive measurement a challenge [4] - The study evaluates four alternative satellite-based deep learning methods for detailed household census data extraction in four African countries, demonstrating the potential for localized and dynamic poverty measurement in data-scarce environments [4] Summary by Sections Introduction - The paper emphasizes the importance of precise and up-to-date economic well-being measurements for monitoring and achieving international poverty reduction goals, including the UN Sustainable Development Goal 1 [8] Data Scarcity and Measurement Challenges - Official poverty measurements in low- and middle-income countries have long relied on household surveys, which are time-consuming and often not completed in many regions, leading to a lack of comprehensive and timely data [9] - There is a pressing need for cost-effective and scalable alternatives to measure livelihood conditions to supplement existing household survey efforts [9] Advances in Remote Sensing and Machine Learning - The availability of remote sensing data and advancements in machine learning are transforming livelihood measurement, moving from traditional census and household surveys to integrating satellite and sensor data [10] - The study utilizes a large-scale, multi-resolution, and multi-temporal poverty dataset covering over 1.2 million households across four African countries, uniquely including precise geographic references and repeated measurements over time [11] Methodology - The research tests a new deep learning model, specifically Vision Transformers, against earlier convolutional neural network (CNN) architectures and simpler models like XGBoost [12] - The study highlights the importance of using accurate, high-resolution census data for model training and evaluation, allowing for a better understanding of prediction errors [13] Results - The transformer model outperformed CNN and XGBoost models in predicting asset wealth indices (AWI) across the four countries, with R² values indicating strong predictive performance [14] - The study identifies a critical threshold of 10% training data, below which estimation accuracy declines sharply [14] - The model demonstrated the ability to accurately predict wealth changes over time, utilizing repeated census data from Malawi and Mozambique [15] Urban-Level Wealth Prediction - The study showcases the potential for high-resolution wealth mapping in urban areas, with the transformer model achieving significant accuracy in predicting wealth distribution in cities like Lilongwe and Blantyre [26] - The results indicate that while high-resolution satellite imagery is beneficial, integrating lower-resolution geographic features can sometimes reduce model performance due to spatial errors [27] Conclusion - The findings underscore the potential value of using transformer models for predicting wealth and household welfare changes, emphasizing the need for robust training data and the exploration of methods to enhance performance in data-scarce environments [32][30]

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - Ghana's economic growth has been significantly impacted by debt accumulation, making it vulnerable to global shocks [28] - The need for stronger domestic revenue mobilization is emphasized to create fiscal space [51] - Public expenditure has been growing rapidly, burdened by high interest payments on debt, leading to inefficiencies in spending [64] - The report highlights the importance of improving public financial management (PFM) to enhance fiscal policy effectiveness [77] Summary by Sections Overview - Ghana's GDP growth has been strong but unsustainable, driven by oil production and expansionary fiscal policies, leading to increased debt levels [29][36] - The country has faced setbacks in poverty reduction due to recent global crises, necessitating a focus on macroeconomic stability and public investment [28] Domestic Revenue Mobilization - Ghana's revenue performance has declined, with tax collection falling from 15.7% of GDP in 2017 to 13% in 2021, significantly below its estimated tax capacity [51] - The report discusses the need for reforms in personal income taxes and VAT to improve revenue collection [51][56] Public Expenditure - Government spending has nearly doubled from 2010 to 2022, with a significant portion allocated to public sector wages and interest payments, limiting fiscal flexibility [64] - High interest payments have crowded out capital expenditures, leading to insufficient public investment in infrastructure [68] Public Financial Management - Despite some progress in PFM reforms, challenges remain, including delays in budget preparation and ineffective expenditure controls [77] - The report identifies weaknesses in cash management and commitment controls, contributing to significant arrears accumulation [84]

Investment Rating - The report does not explicitly provide an investment rating for the irrigation and drainage industry Core Insights - Innovation and modernization (I&M) in irrigation and drainage (I&D) are essential for enhancing agricultural productivity and sustainability in response to increasing global food demand and environmental challenges [46][47][50] - The report emphasizes the need for reliable, flexible, and equitable water service delivery to farmers, which is critical for optimizing crop production and improving farmer incomes [92][93][101] Summary by Sections Introduction - The guide outlines the importance of I&D for crop development, highlighting the roles of irrigation in supplying moisture and drainage in maintaining soil health [32][34] - It discusses the dynamic nature of I&D systems, which require interaction with farmers and adaptability to changing conditions [42][43] Chapter One: Defining the Nature and Purpose of I&M in I&D - I&M is described as a systematic, solutions-driven process that incorporates technological and management improvements tailored to local contexts [85] - The objectives of I&M include increasing water use efficiency, optimizing crop production, and ensuring sustainable agricultural practices [90][92] Chapter Two: The 'Why' of I&M in I&D - The chapter identifies key problems in current I&D systems, such as inequitable and unreliable water delivery, which negatively impact agricultural productivity [98][99] - It outlines the goals of I&M, including improving water service delivery, increasing yields, conserving resources, and enhancing livelihoods [101][103] Chapter Three: The 'What' of I&M in I&D - This section provides an overview of various I&M solutions available to improve irrigation systems, emphasizing the need for tailored approaches based on specific contexts [77] - It highlights the importance of integrating technical interventions with agronomic practices to achieve better outcomes [105] Chapter Four: The 'How' of I&M in I&D - The chapter discusses practical steps for implementing I&M at different stakeholder levels, including farmers, irrigation managers, and policymakers [78][79] - It emphasizes the need for a supportive enabling environment and the role of government in facilitating farmer-led innovations [68][79]

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Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report assesses technologies to expedite the measurement, reporting, and verification (MRV) process for jurisdictional scale REDD+ programs, focusing on improving efficiency, accuracy, scalability, and timing [22][21] - Current MRV processes are lengthy and complex, leading to delays and uncertainties in verification of emission reductions and access to climate finance [21][23] - Suggested technological solutions include data management tools, LiDAR, SAR, and high-resolution satellite imagery to enhance consistency and accuracy [26][31] Summary by Sections I. Context - The MRV cycle under the Forest Carbon Partnership Facility (FCPF) and BioCarbon Fund Initiative for Sustainable Forest Landscapes (ISFL) is prolonged, often taking years to become functional [30][31] - Key challenges include lack of methodological consistency, high costs, and over-reliance on optical satellite imagery [31][32] II. Implementation - The report explores the use of high-quality in situ data and innovative technologies to improve biomass estimation and data integration [55][61] - Collaboration with organizations like the European Space Agency and California Polytechnic University was leveraged to assess the viability of technologies [52][11] III. Digital Architecture Solutions - A centralized cloud service combined with a decentralized "data lake" is proposed to address data integration challenges [27][42] - The report emphasizes the need for a data lake to store large volumes of raw data and facilitate data processing and analysis [74][78] Recommendations - Incorporation of technologies to expedite MRV processes is recommended, with careful consideration of existing systems and country-specific needs [28][29] - Development of a policy framework informed by the Global Forest Observations Initiative's CALM framework is suggested for assessing and incorporating technology [29][30]

Investment Rating - The report does not explicitly provide an investment rating for the industry under study. Core Insights - The presence of tax authority officers did not significantly impact overall tax compliance and morale among SMEs in Tanzania, although there were short-term increases in compliance in Dar es Salaam and sustained increases in tax morale elsewhere [5][16][66] - The study highlights the challenges of enforcing tax compliance among SMEs, particularly in a context where many businesses remain informal and tax contributions are minimal [10][12][26] - The findings suggest that increased visibility of tax officials may enhance perceived credibility of enforcement rather than trust in the tax system itself [17][18] Summary by Sections Introduction - The report discusses the challenges of taxing SMEs in Tanzania, emphasizing the limited fiscal gains and high enforcement costs associated with compliance [10][12] - It outlines a field experiment conducted to assess the impact of increased local presence of tax officials on SME tax compliance and morale [10][11] Context - Tanzania's economy is heavily reliant on agriculture, with a significant portion of the workforce engaged in informal sectors, leading to low tax revenue [25][26] - The tax-to-GDP ratio in Tanzania is relatively low at 11.4%, indicating structural challenges in tax collection, particularly among small businesses [26][30] Study Design - The study involved a sample of 1,210 SMEs across various sectors, with a randomized controlled trial design to assess the impact of tax officials' presence during surveys [32][35] - The data collection included both survey responses and administrative tax records to evaluate compliance behavior [39][50] Results - The presence of tax officials led to an increase in tax morale, particularly outside Dar es Salaam, but did not significantly affect compliance rates overall [16][66] - In the Eastern zone, there was a notable increase in both the likelihood of payment and the amount paid immediately following the intervention, while the Southern zone showed a decrease in compliance in subsequent quarters [66][67] - The study indicates that while tax morale improved, the actual compliance behavior did not show consistent positive changes across all regions [62][66] Conclusion - The report concludes that while the intervention provided insights into taxpayer behavior and attitudes, the overall impact on compliance was mixed, suggesting the need for further research to understand the dynamics of tax morale and compliance in the SME sector [18][71]