Investment Rating - The report indicates a weak outlook for the EU in the near term, with downside risks dominating the economic landscape [2][8]. Core Insights - The report highlights that many EU member states have faced reform delays, which could hinder long-term growth and fiscal consolidation efforts [3][4]. - The Recovery and Resilience Facility (RRF) is available until the end of 2026, with expected absorption rates of RRF grants projected to reach 0.4% of GDP in 2024 and 0.5% in 2025 [3]. - Despite some progress in reforms, challenges remain in areas such as digitalization, public pension sustainability, and labor force participation [3][4]. - The report emphasizes the importance of managing the green transition, with both public and private investments being crucial for a sustainable economy [4][5]. Summary by Sections Economic Outlook - The EU's economic outlook remains weak, with potential growth rates revised down for several member states due to various challenges, including the impact of the Russian invasion of Ukraine [3][8]. - Specific potential growth estimates include Bulgaria at 2.3%, Croatia at 2.9%, Poland at 2.4%, and Romania at 2.4% [3]. Policy Challenges - The implementation of the revised Economic Governance Framework will test policymakers' ability to balance fiscal sustainability with growth [4]. - The report discusses the need for concrete expenditure and revenue measures to meet fiscal consolidation targets while addressing pressures from defense spending and climate change [4]. Social Safety Nets - Effective social safety nets are crucial for protecting low-income households from rising food and energy costs amid inflationary pressures [11]. - The report outlines various policy measures adopted by EU countries, such as food vouchers and price caps, to alleviate inflationary pressures on households [11][12]. Labor Market Dynamics - The labor market has shown resilience, but recovery has been uneven, particularly affecting less educated individuals who continue to struggle with employment levels [35][36]. - Employment growth has been concentrated among highly educated workers, highlighting a polarization in job opportunities [35][36].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The World Bank Group (WBG) aims to support Romania's development priorities, focusing on sustainable growth, resilience, and the green transition, while addressing disparities and enhancing institutional capacity [2] - WBG financing, although modest at approximately 1.4% of Romania's GDP in 2023, has a significant impact by unlocking additional public and private funds [2] - There is a strong demand for WBG's advisory services and financial instruments, particularly in climate finance and private capital mobilization [2][5] Summary by Sections Development Priorities - Romania's long-term goals include addressing disparities, enhancing resilience, and accelerating the green transition, with short to medium-term priorities focused on reforms and investments supported by EU resources [2] - The WBG is viewed as a neutral partner, fostering trust and cooperation to implement sustainable solutions for Romania's challenges [2] Financial Sector Engagement - The International Finance Corporation (IFC) collaborates with major banks to ensure compliance with regulations while promoting climate and inclusion financing [5] - IFC has facilitated significant green and sustainable bond issuances, including a €100 million green bond for Banca Comercială Română and a €100 million blue loan for Banca Transilvania [5] Capacity Building and Institutional Support - The WBG's Country Partnership Framework (CPF) for FY25-29 emphasizes the importance of strengthening institutions and governance to support Romania's development [6] - The CPF aims to enhance public financial management, strategic planning, and policy coordination to improve service delivery and investment efficiency [13] Private Sector Development - The WBG will promote private investment in infrastructure and connectivity, supporting policy reforms to enhance market access and attract private capital [11] - The focus on digitalization and technology adoption is crucial for improving productivity and competitiveness in Romania's economy [20] Climate and Sustainability Initiatives - The WBG is committed to supporting Romania's transition to a low-carbon economy, emphasizing investments in renewable energy and climate resilience [16][38] - The report highlights the need for substantial public and private investments in decarbonization and the development of innovative financial products to support Romania's climate goals [36][43]

Investment Rating - The report does not explicitly provide an investment rating for the industry but emphasizes the need for policy reforms to enhance the productivity and participation of mature workers in labor markets. Core Insights - Productive longevity is crucial for addressing the challenges posed by an aging population, particularly in low and middle-income countries (L/MICs) where older populations are increasing rapidly [8][13][40] - Policies should focus on increasing the productivity and participation of mature workers, which can lead to significant economic benefits, including potential GDP increases of 0.4 percentage points per year in OECD countries [15][40] - The report highlights the importance of addressing both supply and demand-side constraints to foster productive longevity, including removing barriers to work and incentivizing firms to hire mature workers [23][55] Summary by Sections Fostering Productive Longevity - The global population is aging, with projections indicating that by 2050, one in six people will be at least 65 years old, predominantly in L/MICs [13][40] - Mature workers can contribute significantly to economic activity, but their participation rates decline sharply after age 55, necessitating policy interventions to keep them engaged [15][44] Policy Implications for the World Bank - The World Bank's Social Protection and Jobs (SPJ) agenda should incorporate strategies to enhance the productivity of mature workers, including lifelong learning and social protection reforms [40][73] - There is a need for more granular data and diagnostics on aging and labor markets to inform effective policy interventions [75] Constraints and Policy Framework - The report outlines a framework for addressing constraints to productive longevity, focusing on supply-side barriers (e.g., regulatory constraints, underinvestment in skills) and demand-side barriers (e.g., ageism, hiring practices) [26][55] - Effective policy interventions should include reforms to institutional frameworks, promotion of human capital investments, and addressing behavioral constraints related to ageism [23][55] Labor Market Dynamics - Mature workers in poorer countries are more likely to remain active in the labor market compared to those in wealthier countries, where many can afford to retire [44] - Self-employment rates increase with age, and many mature workers face barriers to accessing productive assets and markets, highlighting the need for targeted support [48][59] Recommendations for Action - The report suggests that governments should identify "win-win" policies that promote both productive longevity and support for younger generations, such as affordable childcare services [72] - Expanding effective lifelong learning systems is essential for enhancing the skills and employability of mature workers across all income levels [70][71]

Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized September 2024 Annex V: Lessons from Viet Nam's recent reform of business regulations relevant to other countries..................66 ACKNOWLEDGEMENTS The team is grateful to the peer reviewers for their comments: Lien Anh Pham (IFC, Senior Operations Officer), Alejandro Espinosa-Wang (Senior Economist, EAEF1) and Leo Iacovone (Lead Economist, EECF1). B. QUALITATIVE ASSESSMENT: SOLID FOUNDATIONS, BUT SOME IMPLEMENTATION G ...

Figure 1.3. Consumption share, by quintile and location Figure 1.1. Poverty rates, the poverty gap, and the squared poverty gap, 2021–22 The depth and severity of poverty were staggering. The poverty gap was 42.9 percent, suggesting that the average consumption of the poor is about 57 percent the national poverty line.10 Poverty was less deep in urban areas. The average consumption of the urban poor was three-quarters (74.9 percent) of the national poverty line compared with 55.4 percent among the poor in r ...

Investment Rating - The report indicates an increasing demand for analytical and lending activities related to Long-Term Care (LTC) in the coming years [1]. Core Insights - The demand for LTC is rapidly increasing due to population aging, socioeconomic factors, and diminishing familial support, necessitating robust LTC systems to address market failures and gender inequalities while creating employment opportunities [24][28]. - The World Bank is actively engaged in supporting countries to develop LTC strategies, focusing on analytical work, operational models, and knowledge generation tailored to specific country contexts [16][71]. Summary by Sections Why Care About Long-Term Care? - The rationale for developing LTC systems extends beyond individual well-being to encompass reducing catastrophic costs and addressing market failures [24]. - By 2060, the global population aged 80+ is projected to exceed 400 million, significantly increasing the demand for LTC services [26]. Components of a Dialogue on LTC - Key questions for developing LTC systems include determining beneficiaries, types of services, government roles, financing, quality assurance, workforce development, and integration with health care [32][39]. Lessons from World Bank Engagements - Aging in place is a preferred and cost-effective option for many countries, promoting home and community-based care [108]. - Effective coordination of care requires collaboration across health and social protection agencies, emphasizing the need for clear roles and responsibilities [109]. Impact: What the World Bank is Doing on Long-Term Care - The World Bank has published regional reports and developed analytical tools to assist countries in policymaking related to LTC [74][94]. - Recent engagements include supporting the implementation of new LTC components in countries like Chile and Colombia, enhancing service delivery and caregiver support [90][92].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Colombia has made significant strides in reducing poverty, with a decline from 49.7% in 2002 to 28.2% in 2019, although the COVID-19 pandemic caused a sharp increase in poverty rates [219][220] - The report emphasizes the importance of addressing territorial inequalities and the unequal capacity of the state to provide public services, which affects opportunities for asset accumulation [215][216] - Poverty rates are significantly higher among indigenous populations and other marginalized groups, highlighting systemic disparities in access to resources [321][322] Summary by Sections Chapter 1: Introduction - The report focuses on the disparities in opportunities for different population groups in Colombia, particularly in relation to poverty and asset accumulation [290][291] Chapter 2: A Falling Yet Unequal Poverty Trend - Economic growth in Colombia has been stable but moderate, with a significant reduction in poverty rates prior to the pandemic [304][305] - The pandemic reversed some of the progress made, with a notable increase in poverty and extreme poverty rates [220][221] Chapter 3: Increasing Equity in People's Access to Assets - Access to quality education, health care, and other essential services varies greatly across regions and population groups, contributing to persistent poverty [224][225] - The report highlights the need for targeted policies to improve access to assets and services for marginalized communities [268][270] Chapter 4: The Need to Boost the Dynamics that Can Reduce Spatial Gaps - Internal migration patterns often reflect a search for better opportunities, but many migrants are forced to relocate due to conflict or lack of services [257][258] - The report calls for investments in infrastructure and connectivity to improve access to economic opportunities [258][259] Chapter 5: Charting the Trajectory: a Policy Agenda - The report proposes differentiated, coordinated, and integrated policy approaches to address the unique needs of various regions and groups [260][262] - Specific policy recommendations include improving access to health and education, enhancing local governance, and promoting associative schemes among municipalities [268][276]

Cover and Layout Design: Umaima Mughal Cover Illustration: © Freepik | (Freepik standard image license) Zaineb Majoka | Christina Wieser | Maria Qazi | David Guzman Fonseca Thomas Pave Sohnesen | Ibrahim Khan | --- | --- | |-------------------------------------------------------------------------------------------------------|-------| | | | | Acknowledgments. | 7 | | Abbreviations | | | ExecutiveSummary | | | 1. Context | | | 2. NSER Completeness | | | 2.1 How Complete is NSER?. | | | 2.2 Are the Poor Inclu ...