Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - Social protection programs in the Sahel have been shown to improve various outcomes for beneficiaries, including consumption, productivity, resilience to climate change, and health and education for future generations. These programs also positively impact local economies and can strengthen social cohesion by addressing poverty and vulnerability [2][10][36]. Summary by Sections Part 1: Conceptual Framework - Social cohesion is defined as the relationships among members of society and the state, characterized by trust, inclusive identity, and cooperation for the common good [11][12]. - Social protection can affect social cohesion through various pathways, including direct program activities and indirect outcomes such as reduced poverty [16]. Part 2: Current Evidence on Social Protection's Impact on Social Cohesion - **Horizontal Social Cohesion – Within Groups** - Safety nets in Mauritania improved trust and cooperation among community members [21]. - Economic inclusion interventions in Niger and Burkina Faso increased trust and cooperation for the common good among program participants [22]. - Beneficiaries in Mali increased resource-sharing with non-beneficiaries, indicating cooperation for a larger good [23]. - **Horizontal Social Cohesion – Between Groups** - Limited evidence exists on the impacts of social protection on social cohesion between displaced communities and host communities [29]. - **Vertical Social Cohesion – Between Citizens and State** - Perceptions of fairness in selection processes vary significantly, influencing trust in the implementing agency [31]. - In Niger, a majority of non-selected individuals exhibited vertical trust regarding the beneficiary identification process [31]. Conclusions and Next Steps - Social protection has demonstrated positive impacts on social cohesion in the Sahel, but negative dynamics can also occur. The evidence base has gaps, particularly regarding the experiences of non-beneficiaries and the impacts on social cohesion between different communities [36][37]. - Future research will focus on understanding the mechanisms through which social protection impacts social cohesion and identifying design features that can enhance these impacts [38].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report emphasizes the urgent need to expand retirement savings coverage for informal workers in Indonesia, highlighting that informal workers constitute 60% of the total workforce, yet less than 10% actively contribute to retirement savings schemes [11][12][14] - It identifies the challenges faced by informal workers in participating in retirement savings programs, including low income, geographical barriers, and lack of financial literacy [15][17][59] - The report suggests that a tailored approach is necessary to address the diverse needs of informal workers, as a one-size-fits-all strategy is ineffective [15][60] Summary by Sections A. Introduction - Indonesia's National Social Security System (SJSN) was launched in 2004, aiming to provide protection against health and employment-related risks for all workers [9][10] - Despite the establishment of various social security programs, the coverage for informal workers remains low, with only 7.5% contributing to annuitized pension programs and 9.4% enrolled in public defined contribution pensions [12] B. Who are Indonesia's Informal Workers? - Informal workers are defined primarily by their employment status, with approximately 78 million informal workers identified in 2021 [18] - The report categorizes informal workers into four groups based on their employment characteristics, with non-digital non-salaried workers being the largest group [28] C. Informal Workers' Retirement Savings Coverage - On average, 43% of informal workers have some form of retirement savings, but only 17% contribute to a retirement savings scheme managed by BPJS or other private plans [43][44] - Coverage is highest among salaried workers with contracts (74%) and digital non-salaried workers (64%), while it is lowest among non-digital non-salaried workers [44] D. Understanding the Challenges to Retirement Savings Participation - The report identifies unavailability of funds as the primary reason for not saving for retirement, with 84% of respondents citing this issue [57] - Other challenges include unfamiliarity with the JHT program, perceived ineligibility, and concerns over income irregularity [58][60]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Population mobility in the Sahel is crucial for livelihoods and economic security, driven by economic motives such as wage differences, as well as non-economic factors like marriage and education [2][6] - Insecurity and climate change have led to an increase in distressed migrants and internally displaced persons (IDPs) [2][3] - Adaptive Social Protection (ASP) programs need to be adjusted to support migrants and their families, ensuring they are not penalized [3][4] Summary by Sections Key Recommendations - Policy frameworks for social protection should reflect mobility-related considerations and improve access to basic services and information on safe migration practices [4][5] - Operational modifications to ASP programs should ensure that migrants do not miss out on benefits due to administrative blind spots [4] Introduction - Economic factors significantly influence population mobility in the Sahel, with many seeking better livelihoods due to poverty and unemployment [6][7] - Internal mobility can diversify income and enhance resilience against climate and conflict-related shocks [6] Describing Internal Mobility - Over 47 million individuals in the Sahel have previously resided elsewhere within their country, with internal migration patterns varying by country [8][10] - Economic motives are the primary driver of voluntary internal mobility, with 77% of surveyed migrants citing economic reasons [10] Patterns of Voluntary Internal Mobility - Migration predominantly occurs along an east-west axis towards labor-intensive work centers, with rural-to-rural migration being significant in several countries [13][14] - The willingness to migrate varies, with 20% in Mali to 41% in Senegal expressing a desire to move [13] Forced Migration - Violent conflict and climate change are increasing forced migration, with IDPs projected to rise from 3.4 million in 2022 to 4.2 million by 2025 [16] - Climate change exacerbates economic migration, intertwining voluntary and forced migration dynamics [16][17] Labor Market Profiles of Voluntary Internal Migrants - Unemployment is common among internal migrants in urban areas, with the tertiary sector being the most prevalent area of work [18][20] - Higher education correlates with higher wages in urban areas, although exceptions exist [20] Vulnerabilities Associated with Migration - Migrants face risks such as social isolation, lack of access to services, and exploitation during transit and at destinations [22][23] - Many migrants experience unemployment and underemployment, leading to economic precarity [23] Implications for Adaptive Social Protection Programs - ASP must be designed to support the needs of mobile populations, recognizing migration patterns and adjusting policies accordingly [24][28] - Program eligibility criteria should be reviewed to ensure internal migrants can benefit from ASP programs [29] Conclusion - Modifications to ASP programs should integrate mobility-related considerations to enhance support for migrants and maximize the benefits of population mobility in the Sahel [37]

Investment Rating - The report does not explicitly provide an investment rating for the cybersecurity industry in emerging markets Core Insights - Cybersecurity is essential for the socioeconomic progress of nations, particularly in the context of increasing digitalization and associated risks [32] - The report highlights significant gaps in understanding cyber incidents and their consequences, which hinder resource mobilization for cybersecurity, especially in developing countries [33] - The analysis reveals a 21% annual growth rate in publicly disclosed cyber incidents globally, with upper-middle-income countries experiencing a 37% increase [18][35] - The economic impact of cyber incidents is particularly severe in developing countries, where the average disclosed incident has a larger impact compared to high-income countries [43] Summary by Sections Chapter 1: The Threat Landscape - The report identifies over 30,000 publicly disclosed cyber incidents from 2014 to 2023, with a notable increase during the COVID-19 pandemic and the Russia-Ukraine war [34][38] - Developing countries account for approximately 30% of disclosed cyber incidents, with Latin America and the Caribbean showing the fastest growth at 25% annually [39] - Financial motives dominate cyber incidents globally, accounting for 74% of incidents, while political motives are more prevalent in developing countries [40][41] Chapter 2: The Economic Costs of Cyber Incidents - Reducing major cyber incidents could increase GDP per capita by approximately 1.5% in developing countries [44] - The average cost of a ransomware attack surged by 13% from 2022 to 2023, disproportionately affecting small and medium enterprises [45] - The systemic nature of cyber risk can lead to widespread disruptions, as illustrated by the NotPetya cyberattack, which resulted in over $7.3 billion in consumer losses [46] Chapter 3: The Cybersecurity Market - The global cybersecurity market is expected to grow by 14% in 2024, reaching nearly 0.2% of the world's GDP, with cloud security and data privacy as key growth areas [48] - The industry faces challenges such as a shortage of skilled cybersecurity professionals, with over 4 million unfilled positions in 2023 [49] - High-income countries dominate the cybersecurity market, with government spending on cybersecurity significantly higher than in developing countries [50]

Investment Rating - The report does not explicitly provide an investment rating for the industry under review. Core Insights - The report emphasizes the importance of developing a robust methodology for assessing poverty and social exclusion in Croatia, leveraging the forthcoming Central Register of the Population to fill data gaps and improve monitoring [19][23][26]. Overview of Key Concepts and Data Sources in the EU - The report outlines the official definitions of poverty and social exclusion indicators required by Eurostat, highlighting the shift from survey-based to administrative data for tracking these issues [29][30]. - It defines key concepts such as household disposable income and at-risk-of-poverty (AROP), with AROP being set at 60% of the national median equivalized disposable income after social transfers [31][34]. - The report discusses social exclusion as a multidimensional issue, emphasizing the need to evaluate deprivation across various aspects of life, not just income [35][36]. Croatia's Central Register of the Population - The report details the development of Croatia's Central Register of the Population, which aims to enhance data collection and analysis for poverty and social exclusion metrics [26][28]. - It highlights the importance of administrative data sources in measuring poverty and social exclusion, noting the challenges and potential solutions for utilizing these data effectively [10][26]. Register-Based Poverty Measurements in Croatia - The report examines existing measures of at-risk-of-poverty in Croatia, identifying challenges such as incomplete tax income data and under-reporting of income [10][35]. - Recommendations for improving poverty measurement methodologies in Croatia are provided, focusing on data imputation and addressing under-reporting issues [10][50]. Register-Based Measurements of Social Exclusion in Croatia - The report discusses the existing approaches to measuring social exclusion in Croatia and offers recommendations for simplifying the AROPE rate and developing domain-specific indicators [5][59]. - It emphasizes the need for a comprehensive monitoring system to track social exclusion indicators at subnational levels [7][79]. Institutional Set-Up for Tracking Poverty and Social Exclusion - The report suggests potential institutional arrangements for data collection and analysis, including joint implementations by various ministries and agencies [6][71]. - It outlines the activities and requirements necessary for effective monitoring of poverty and social exclusion indicators [6][71]. Next Steps - The report concludes with a roadmap for the next steps in developing the monitoring system for poverty and social exclusion, emphasizing the importance of stakeholder engagement and data integration [8][91].

Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized SADC Investment Climate Scorecard Public Disclosure Authorized A program supported by: And implemented by: © 2023 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 wor ...

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Investment Rating - The report does not provide a specific investment rating for the industry. Core Insights - Internal migration is a significant and growing phenomenon, with an estimated 763 million internal migrants globally as of 2013 and 71.1 million internally displaced persons (IDPs) by the end of 2022, driven by urbanization and climate change [2][10] - Social protection programs often fail to adequately address the unique challenges faced by internal migrants and IDPs, highlighting the need for reforms in eligibility criteria and program design to better support these populations [3][11] - A comprehensive approach is necessary to integrate internal migration into social protection systems, ensuring that the needs of internal migrants and IDPs are effectively met [4] Summary by Sections Introduction - The rationale for the paper emphasizes the large scale of internal migration, with over 763 million people estimated to have migrated within national borders [10] - The global situation and trends in internal migration, particularly in the Sahel region, are discussed, noting the various forms of migration and the socio-economic factors driving these movements [12][17] Analytical Approach and Scope - The paper aims to advance knowledge on internal mobility and social protection, focusing on the Sahel region and its adaptive social protection systems [22] - Definitions of internal migration and internally displaced persons are provided, clarifying the scope of the review [23][24] Lessons Learned on Integrating Migrants in Social Protection Systems - Social protection can play a crucial role in supporting internal migrants, but many programs do not accommodate their specific needs [34][35] - Challenges in eligibility criteria, targeting methods, and enrollment processes are identified, with potential solutions proposed to enhance access for internal migrants [40][47][62] - The importance of dynamic social registries and community-based targeting is highlighted as a means to improve the inclusion of internal migrants in social protection programs [55][60]

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The study assesses tax compliance and underreporting of labor income in Romania, particularly among minimum wage workers, highlighting the links between tax compliance and minimum wage policy [3][7][12] - The average underreporting of income in Romania is estimated at 6%, with significant underreporting observed in the lower half of the income distribution [3][46] - Tax compliance varies across different sectors, regions, and demographic groups, with transport, construction, and food and accommodation sectors showing the lowest compliance rates [3][12] - Women exhibit higher tax compliance compared to men [3] - The underreporting of income negatively impacts the fiscal capacity of the country and the effectiveness of means-tested social assistance programs [3][12] Summary by Sections Introduction - The report aims to evaluate tax compliance and underreporting of income in Romania, focusing on minimum wage earners and the implications for tax policy and equity [7][8] Methodology and Data - The study employs statistical matching techniques to compare tax returns with survey data, utilizing administrative tax records and EU-SILC data to assess tax compliance [16][21][30] - The analysis includes a comprehensive review of various methods to estimate tax evasion, highlighting the challenges of data integration and the importance of accurate income reporting [16][17][21] Results - The findings indicate that tax-reported income at the median is only 90% of the true income, with significant discrepancies noted at lower income percentiles [3][46] - The mean tax income is reported to be 1.2% lower than the mean survey income, while the imputed tax income is 6.6% higher than the mean survey income [43][44] - The report emphasizes the need for improved tax compliance mechanisms to enhance fiscal sustainability and social equity [10][12] Conclusion - The study concludes that addressing tax evasion is crucial for improving the effectiveness of the tax system and promoting greater income equality in Romania [10][12]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Fuel subsidies are generally inefficient and disproportionately benefit wealthier households, leading to significant socio-economic costs [10][11][38] - The removal of fuel subsidies can generate substantial fiscal savings but requires careful management to mitigate economic and social impacts [39][42] Summary by Sections Section 1: Global Oil Price Trends - World oil prices have shown significant volatility, with a fourfold increase from September 2003 to June 2008, followed by drastic drops and subsequent rises, peaking at US$114 per barrel in July 2022 [6] - The overall trend in 2023 fluctuated around US$80.5 per barrel, influenced by geopolitical events and economic cycles [6] Section 2: Impact of Rising Oil Prices - Rising oil prices negatively affect household living standards and increase production costs, particularly impacting the poorest households [7] - Fuel subsidies have increased globally, with total fossil fuel subsidies rising from 5.4% of GDP in 2015 to 7.1% in 2022 [8] Section 3: Inefficiency of Fuel Subsidies - Fuel subsidies are poorly targeted, benefiting richer households more than poorer ones, with the richest 20% gaining over six times the benefits compared to the poorest 20% [10] - These subsidies compromise fiscal sustainability and hinder growth-enhancing expenditures [11] Section 4: Strategies for Addressing Oil Price Rises - Gradual removal of fuel subsidies is recommended, coupled with alternative social programs to mitigate negative impacts on poor households [15][16] - Cash transfer programs targeting low-income households can effectively replace fuel subsidies, with simulations indicating a potential 86% reduction in negative effects from higher fuel prices [16] Section 5: Case Studies of Fuel Subsidy Reforms - Successful fuel subsidy reforms often include social measures to mitigate the impact on households, with examples from South Africa, Brazil, and the Philippines [20] - The experience of Angola highlights the importance of timing and sequencing in subsidy reforms, as well as the need for synchronized compensation measures [40] Section 6: Angola's Fuel Subsidy Context - Angola's fuel subsidies have been substantial, with fuel prices in 2011 being 67% lower than the Sub-Saharan Africa average [22] - The government has implemented a multiphase approach to fuel subsidy reform, with significant price increases in 2023 and 2024 aimed at gradually aligning prices with market levels [24][29] Section 7: Economic Impact of Subsidy Removal - The removal of subsidies is projected to result in a cumulative price increase of around 5.0%, with the highest impacts in the fisheries and transportation sectors [2][32] - Fully compensating for price increases in these sectors would absorb approximately 30% of the savings generated from subsidy removal [32][37]