Investment Rating - The report does not explicitly provide an investment rating for the industry but highlights significant financing needs and constraints for municipalities in low- and middle-income countries (L&MICs) [13][41]. Core Insights - Municipalities in L&MICs face financing needs that exceed available investment flows, estimated at 2-4% of combined L&MIC GDP annually, with a financing deficit of approximately 1-3% of GDP [13][38]. - Current investment in urban infrastructure is primarily funded through public fiscal sources, necessitating greater use of private and repayable financing to meet investment needs [14][38]. - The report identifies key constraints to municipal financing, including demand-side issues (low revenues and poor financial management), regulatory barriers, and supply-side limitations [21][25]. Summary by Sections 1. Introduction: The Development Challenge - Municipalities in L&MICs require substantial investment to address urban infrastructure needs, with estimates suggesting a need of USD 0.9-1.9 trillion annually [37][42]. - The financing gap is significant, with current flows only a fraction of the required investment [38][39]. 2. Current Position: Municipal Debt and PPPs - Municipal borrowing in L&MICs is limited, with debt rarely exceeding 2% of GDP, and most borrowing concentrated in a few larger cities [16][17]. - Municipal PPPs represent only 2% of total PPP investment value from 2015-2023 in L&MICs, indicating low mobilization of private finance [16][17]. 3. Analysis of Key Constraints - Demand-side constraints include low municipal revenues and weak project execution capacity, limiting creditworthiness [22][23]. - Regulatory constraints restrict borrowing capabilities, with examples from Brazil and India highlighting the need for clearer frameworks [23][24]. - Supply-side limitations stem from underdeveloped local financial markets and reliance on government financial institutions [25]. 4. Addressing the Challenge - Recommendations include improving municipal borrowing frameworks, enhancing local financial management, and strengthening the funding base for municipalities [30][31]. - Development partners are encouraged to provide technical assistance and capacity-building support to enhance access to repayable financing [33].

Investment Rating - The report does not explicitly provide an investment rating for the health taxes landscape in India. Core Insights - The consumption of tobacco, alcohol, and sugar-sweetened beverages (SSBs) in India leads to significant public health challenges, with 1.6 million deaths and 49.3 million disability-adjusted life years lost annually. These products are major risk factors for noncommunicable diseases, responsible for 64.9 percent of all deaths in India as of 2019 [13] - Health taxes have been effective globally in reducing consumption and generating revenue while addressing market failures from negative externalities and internalities. India's current indirect tax system poses challenges due to its complexity and inconsistencies [13] - Reforming health taxes requires addressing inconsistencies, improving tax compliance, and introducing new tax structures based on the relative harm of each product [13] Summary by Sections 1. Introduction - The report highlights the significant health and economic burdens associated with the consumption of demerit products in India, emphasizing the need for effective taxation to mitigate these issues [22][24] 2. Why Health Taxes Matter - Health taxes are justified due to market failures associated with demerit products, which lead to negative externalities and internalities. Taxing these products can enhance welfare by reducing consumption to socially efficient levels [28][29] - The revenue generated from health taxes can finance healthcare and development programs, making them a dual benefit for public health and government revenue [31] 3. The Consumption of Unhealthy Products in India - India is the second-largest consumer of tobacco globally, with approximately 267 million users. The prevalence of tobacco use is significantly higher among men compared to women [45][46] - Alcohol consumption among adults in India was estimated at 17.1 percent in 2019, with a notable gender disparity in usage [59][60] 4. Economic Burden Associated with the Consumption of Unhealthy Products - The economic burden from tobacco-related costs is estimated at US$36.2 billion annually, while alcohol-related costs amount to US$31.4 billion [13] 5. Health Taxes in India - The current indirect tax system in India includes a national-level Goods and Services Tax (GST) on tobacco and SSBs, as well as state-level excise duties and VAT on alcohol. The complexity and inconsistencies of this system pose challenges for effective taxation [13][27] - The report discusses the need for increasing specific excise taxes and simplifying the tax structure to better regulate unhealthy products [13] 6. Health Taxes in India: Challenges and Opportunities - The report identifies challenges in reforming health taxes, including knowledge gaps and the need for detailed state-level analysis of alcohol taxation [13][27]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Understanding the heterogeneity of poor households in Pakistan is crucial for identifying pathways out of poverty and informing policy actions [4][12] - The analysis categorizes the bottom 40th consumption percentile of households (B40) into five distinct groups using non-parametric hierarchical cluster analysis [4][16] - The findings indicate that poverty is not uniform, with different groups facing unique constraints and opportunities shaped by their economic environment and household-specific factors [12][16] Summary by Sections Introduction - Between 2001 and 2018, Pakistan experienced a 60% growth in household real consumption, leading to a decline in poverty from 64.3% to 21.9% [7] - Despite this decline, significant disparities in welfare persist across provinces, with rural areas experiencing higher poverty rates compared to urban areas [8][10] - Recent crises, including the COVID-19 pandemic and climate-induced shocks, have reversed some poverty reduction gains, with poverty projected at 25.3% in 2023 [10] Data and Methodology - The analysis utilizes data from the Household Integrated Economic Survey (HIES) 2018-19, covering 24,809 households across various provinces [20][22] - A hierarchical clustering method is employed to identify five clusters among the B40 households based on their characteristics [14][55] - The final clustering solution is determined to be optimal at five clusters, allowing for targeted policy interventions [48][55] Results - The cluster analysis identifies five groups among the B40 households: 1. **Group 1**: Ultra-poor rural households relying on unskilled sharecropping and public safety nets [16][57] 2. **Group 2**: Poor rural households engaged in agriculture as owner-cultivators [16][64] 3. **Group 3**: Households in transition with low labor force participation, often receiving remittances [16][64] 4. **Group 4**: Urban households with higher education and semi-skilled jobs in industry and services [16][64] 5. **Group 5**: Poor households engaged in unskilled daily wage labor across various sectors [16][64] - Each group exhibits distinct characteristics and constraints, necessitating differentiated policy responses to effectively address their unique challenges [57][64]

Investment Rating - The report does not provide a specific investment rating for the childcare industry Core Insights - Quality childcare is essential for ensuring children's safety, promoting holistic development, and encouraging parental uptake of services [5][12] - The quality of childcare services significantly impacts parents' choices and economic activities, with higher quality leading to increased trust and usage [12] - A robust quality assurance system is necessary, including feasible standards, regular monitoring, and effective data use to support quality improvements [5][61] Summary by Sections I. Introduction: Importance of Quality Childcare - Quality childcare is crucial for child safety, development, and parental engagement in economic activities [7][12] II. Essential Elements of Quality in Childcare Settings - Quality can be achieved through key principles that are adaptable to various contexts, focusing on both structural and process quality [14][15] - Structural quality includes safe physical environments, adequate adult-to-child ratios, and trained practitioners [16][17] - Process quality emphasizes age-appropriate activities, responsive caregiving, and regular interactions with parents [20][30] III. Key Considerations When Visiting a Childcare Setting - Safety and structural suitability of the environment should be assessed [35] - Basic needs for food, water, hygiene, and sleep must be met [35] - Practitioners should demonstrate warmth and engage in age-appropriate communication [35] - Availability of materials for hands-on learning and play is essential [35] - Activities should facilitate interaction and movement among children [35] IV. Essential System Elements for Quality Improvement - Governments should implement quality assurance systems with realistic standards and clear registration processes [59][61] - Monitoring mechanisms should include site visits and community feedback [59][66] - Sufficient financing is necessary to support quality childcare and reduce financial burdens on families [63][66]

Investment Rating - The report indicates a positive investment outlook for infrastructure, particularly in developed markets, with a notable rebound in greenfield investments and a projected recovery in secondary market activities as interest rates decline [9][11]. Core Insights - Global private investment in infrastructure projects increased by 10 percent in 2023, primarily driven by developed markets, while low- and middle-income countries (LMICs) saw a slight decline [9][10]. - Infrastructure fundraising faced significant challenges in 2023, with total capital raised dropping to $94.9 billion, nearly half of 2022 levels, but is expected to stabilize in 2024 [18][19]. - Infrastructure debt remains attractive to investors due to its reliable cash flows and historically lower default rates compared to non-financial corporate debt, with a debt-to-equity ratio of 77 percent in 2023 [25][84]. - Renewable energy and transport sectors dominate infrastructure investment, accounting for two-thirds of total activity, with a significant surge in private investment in hydrogen projects [31][36]. - The report highlights a growing divergence in investment levels between high-income countries (HICs) and LMICs, with HICs experiencing a 15 percent increase in infrastructure investment in primary markets [45][46]. Summary by Sections Greenfield Investment - Greenfield investment in developed markets continues to rebound, while growth in emerging markets lags behind, with infrastructure delivery costs rising significantly [9][10]. Fundraising Challenges - Rising interest rates have tempered return expectations and led to a significant decline in infrastructure fundraising, with total capital raised dropping to $94.9 billion in 2023 [17][18]. Resilience Amid Uncertainty - Despite macroeconomic challenges, private infrastructure financing has maintained a stable debt-to-equity ratio, with infrastructure debt showing lower default rates and higher recovery rates [25][84]. Policy and Sector Priorities - Policy changes are influencing investor strategies, with renewable energy and transport leading investment, while digital infrastructure is gaining traction [31][32]. Investment Gaps - There is a widening investment gap between HICs and LMICs, with HICs representing a larger share of private investment in infrastructure [45][46]. Regulatory Frameworks - Strengthening regulatory frameworks is essential for attracting private capital in emerging markets, with improvements potentially increasing investment by approximately $500 million [54][56]. Role of Development Institutions - Development institutions play a critical role in mobilizing private capital in LMICs, providing co-financing for 30 percent of total private investment [61][62]. Blended Finance Solutions - Blended finance and guarantees are effective tools for bridging investment gaps, with evidence showing that projects backed by guarantees have higher private capital mobilization [65][67]. Local Currency Financing - Local currency financing for private investment in infrastructure projects in LMICs decreased to 37 percent in 2023, highlighting the need for strategies to protect against foreign exchange volatility [72][73]. Capital Market Opportunities - There is a growing shift towards leveraging domestic and international capital markets to mobilize long-term funding for infrastructure projects, particularly through green and sustainability-linked bonds [78][82]. Conclusion - The report concludes that while private investment in infrastructure has faced volatility, it remains resilient, with a focus on low-risk strategies and the importance of regulatory and policy interventions to close investment gaps [83][85].

Investment Rating - The report does not explicitly provide an investment rating for the industry discussed Core Insights - The adjusted headcount ratio used in multidimensional poverty measures creates perverse incentives that prioritize targeting the least intensely poor individuals rather than the most intensely poor individuals [2][8][20] - A proposed quick-fix solution modifies the adjusted headcount ratio to eliminate these perverse incentives while maintaining the identification of the poor [8][26][34] - The new index, referred to as M'0, preserves the identification method but changes the poverty contribution of poor individuals to their multidimensional poverty gap, thus avoiding the discontinuous "jump" in poverty contributions [28][31][34] Summary by Sections Introduction - Prioritarianism suggests that social protection policies should prioritize the worst-off individuals, and the adjusted headcount ratio fails to do so [7][20] Basic Framework - The report introduces a framework for understanding multidimensional poverty measures, including the adjusted headcount ratio and its implications [15][16] Perverse Incentives - The adjusted headcount ratio and the headcount ratio both exhibit perverse incentives that can mislead policymakers [20][22] - The report illustrates how these incentives can lead to suboptimal policy decisions that do not align with prioritarian principles [21][24] Quick Fix: Tweaking M0 - The proposed solution involves changing the poverty contribution function to reflect the multidimensional poverty gap, thus eliminating perverse incentives [26][28][34] - The new index M'0 maintains the same properties as M0 except for Dimensional Breakdown, which is argued to be less critical for policymaking [35][51] Limitations of Dimensional Breakdown - The report discusses two significant limitations of Dimensional Breakdown, emphasizing that it may mislead policymakers regarding the sources of progress and optimal policy choices [35][50]

Public Disclosure Authorized Policy Research Working Paper 11111 Mitigating the Impact of Household Expropriation on Female Entrepreneurship Experimental Evidence from Ghana Francisco Campos Adriana Conconi Elwyn Davies Marine Gassier Markus Goldstein Africa Gender Innovation Lab & Finance, Competitiveness and Investment Global Department May 2025 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Policy Research Working Paper 11111 Abstract How do intrahousehold dynamics ...

Thailand Monthly Economic Thailand Monthly Economic Monitor Monitor 22 April 2025 Thailand's economic activity showed mixed signals in February. Steady consumption and strong exports were offset by a sharp contraction in private investment due to rising uncertainty. Goods exports remained a key driver, bolstered by robust shipments to the US and China, in part due to frontloading amid rising global trade uncertainties. However, mounting risks from global trade uncertainty are a concern. The tourism recovery ...

公共披露经授权 公共披露经授权 公共披露经授权 公共披露经授权 政策研究工作论文 11110 当聚合具有误导性 在贫困的单元级小区域估计中的偏差 with Aggregate Data Paul Andres Corral Rodas 贫困与公平全球部门 2025年5月 政策研究工作论文11110 摘要 本文探讨为何仅使用汇总数据作为协变量的家庭层 面模型所产生的小区域贫困估计值存在系统性偏差 。分析表明，这种偏差源于模型无法捕捉家庭间福 利的完整变异，因为它们完全依赖于在家庭层面汇 总的协变量， 在地理层面上。通过基于模型的模拟，该论文表 明，当模型模拟的福利经验变异度最接近区域层 面的福利真实经验方差时，这些模型中的偏差最 小。这一发现也对单元层面的模型偏差具有启示 意义。 This paper is a product of the Poverty and Equity Global Department. It is part of a larger effort by the World Bank to 提供对其研究的开放获取，并为全球发展政策讨论做出贡献。政策 研究工作论文也发布在网站 http: ...

2025年前三个月的财政收入达到年度国家预算的36.7%。 与2024年同期31.7%相比，由于增值税和企业 所得税征收增加，公共投资拨付率自2025年3月底放缓至总理年度计划的9.5%，低于去年同期的12.3%执 行率。 越南宏观监测 2025年4月 WHAT' NEW? • • GDP增长在2025年第一季度加速至6.9%（同比）。 ，较2024年第一季度同比增长5.9%，得益于国内消 费和投资的增长。 商品出口在2025年第一季度放缓至10.6%，而2024年同期为16.8%。 ，由高额的基数效应和全球需求潜 在的放缓共同推动。 1 此外，虽然外商直接投资新承诺在2025年第一季度同比减少了9.2%，反映了不确定的前景，但外商直接投 资支出保持弹性，在2025年第一季度达到49亿美元（同比增长7.1%，与2024年第一季度相似）。 • 工业生产同比2025年3月增长8.6%。 与2024年3月的同比增长4.8%相比，服装、电子产品和机械设备的 推动下有所增长。采购经理人指数在经过三个月的收缩后于3月份进入扩张区域（50.5），受新订单增长的 推动，尽管存在高度不确定性。 • 商品和服务零售总额同比上涨1 ...