Policy Research Working Paper 10930 Public Disclosure Authorized Public Disclosure Authorized Disaggregated Impacts of Growth on Multidimensional Poverty Does the Source of Growth Matter? Francis Mulangu Mokhtar Benlamine Michael Keller Jean-Pascal Nganou Poverty and Equity Global Practice September 2024 Public Disclosure Authorized Public Disclosure Authorized Policy Research Working Paper 10930 Abstract This paper presents comprehensive findings on the relationship between economic growth and poverty. Usi ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The tourism sector in Sierra Leone is identified as a significant contributor to plastic waste, particularly single-use plastics, which poses environmental challenges and necessitates a reduction strategy [9][10] - The guidelines aim to assist hotels and restaurants in Sierra Leone in developing their own single-use plastic reduction programs, thereby promoting sustainable tourism and economic diversification [15][14] - The report emphasizes the importance of a systematic approach to managing single-use plastic reduction, which includes self-assessment, planning, policy creation, and progress evaluation [18][39] Summary by Sections Introduction and Background - The production of plastic has increased significantly, leading to environmental issues, with only 15% of plastic waste being recycled globally [9] - The tourism industry is a major generator of plastic waste, particularly single-use plastics, prompting calls for action to reduce their use [9][10] Approach to Managing Single-Use Plastic Reduction - The report outlines a four-stage approach for hotels to manage single-use plastic reduction: self-assessment, creating a reduction plan, establishing a reduction policy, and measuring progress [18] - A total of ten steps are detailed for effective implementation of the reduction strategy [20] Guidelines and Best Practices - The guidelines provide practical advice for hotels to identify and reduce the most frequently used single-use plastic items, such as plastic bottles, bags, cutlery, and straws [11][56] - Strategies include removing unnecessary items, reducing consumption, replacing with reusable alternatives, and ensuring recyclability of remaining items [30][29] Monitoring and Evaluation - Regular monitoring of progress is essential to ensure targets are met and to identify barriers to success [52] - Evaluation of outcomes will help inform future reduction plans and assess the effectiveness of implemented strategies [53] Attachments - Attachment 1 includes a detailed list of frequently used plastics, self-assessment tools, and financial projection tools [55] - Attachment 2 provides alternatives and strategies for reducing specific single-use plastic items [56]

Investment Rating - The report does not explicitly provide an investment rating for the industry or Siemens' Building X platform Core Insights - Siemens' Building X aims to enhance the smart buildings market by promoting open technology solutions, targeting a market where currently less than 5% of buildings are smart [3] - The platform is designed to facilitate interoperability and integration with existing hardware and software, addressing sustainability and net-zero targets as buildings account for over a third of global emissions [3][4] - Building X has already enabled energy savings of approximately US$4 billion for its customers, showcasing its potential impact on operational efficiency [4] Summary by Sections Siemens Building X Brings Openness to the Smart Buildings Market - Siemens is focusing on open technology solutions to accelerate the growth of the smart buildings market, which remains largely untapped [3] - The platform supports hardware-agnostic interoperability and seamless integration with legacy systems, addressing sustainability challenges [3] Building X Open Platform Leverages Developer Ecosystem - The Building X platform allows third-party developers to create applications tailored to specific needs, similar to a smartphone operating system [5] - Siemens provides developer support tools, including SDKs and low-code development options, to foster a robust developer ecosystem [6] The Role of Building X in a Fast-Evolving Smart Buildings Market - Building managers face challenges such as energy efficiency, sustainability regulations, and increased security risks, necessitating flexible management solutions [7][8] - The report highlights the need for real-time data and user-friendly dashboards to optimize building operations [9] Siemens' Answer: Building X - Building X is defined as a digital platform that helps customers digitalize, manage, and optimize building operations, leading to improved sustainability and operational performance [10] - The platform enables energy savings of up to 30% and enhances user experiences through real-time data integration [10] Building X Dashboards - Building X offers flexible dashboards for monitoring various aspects of smart buildings, such as indoor temperature management [13] Building X and Cybersecurity - Cybersecurity is a priority for Building X, with built-in technologies compliant with major standards to protect against vulnerabilities [14] Building X and Siemens Xcelerator - Building X is part of the Siemens Xcelerator, an open digital business platform aimed at accelerating digital transformation for customers [16][17] Building X Case Study: PRODEA Investments - PRODEA Investments utilizes Building X to manage over 380 buildings, focusing on energy efficiency and compliance with EU environmental legislation [19] Building X Open Software Developer Platform and Ecosystem - The launch of Building X marks a shift towards a software-centric approach, emphasizing modularity and integration [20] Developer Platform Features and APIs - Building X provides a rich set of APIs and developer tools to support application development and integration [21][22] Building X Applications and Developer Ecosystem - Currently, there are 12 applications available on the Building X platform, with more in development, indicating a growing ecosystem [23]

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific companies involved Core Insights - Siemens' Building X platform is positioned as a comprehensive solution for decarbonizing buildings, integrating various sustainability tools to enhance operational efficiency and support net-zero goals [1][15][51] - The building sector is responsible for 40% of global energy demand and one-third of GHG emissions, necessitating a transformative approach to achieve net-zero emissions by 2050 [4][50] - The smart building management software market, which includes sustainable features, is valued at approximately US$39.7 billion in 2023 and is projected to grow to US$136.2 billion by 2032, with a CAGR of 14.7% [10] Summary by Sections Toolkit for Decarbonizing Building Portfolios - The report emphasizes the need for a transformative approach in the building sector to meet net-zero emissions targets by 2050, highlighting the integration of AEC processes and the role of digitalization [4] Market Trends—Sustainability Tools for Smart Building Management Software - There is a growing demand for sustainable energy sources and strict regulations driving the adoption of sustainability tools within Energy Management Systems and Building Management Systems [7][8] Blueprint for Achieving Net-Zero Goals - Businesses are implementing strategies to decarbonize operations to meet regulatory compliance and competitive standards [12] Digitalizing & Decarbonizing with Siemens' Building X Sustainability Manager - Siemens' Building X platform provides a modular suite of applications that drive sustainability through data-driven insights and decision-making [15][18] Building X's Sustainability Features in Action - The Building X platform integrates various applications to enhance building operations, including Energy Manager, Sustainability Manager, Operations Manager, and Comfort AI [19][22] Case Studies - PRODEA Investments aims to exceed 50% of green-certified buildings by the end of 2024, supported by Siemens' Building X platform [38][40] - The University of East London collaborates with Siemens to create a decarbonized campus blueprint by 2030, targeting a 10% reduction in carbon emissions [43][46] - Coherent has transitioned from 0% to 50% renewable energy in less than four years, utilizing Siemens' Building X for emissions reporting and energy management [47][48] Conclusions - The report concludes that the most effective way to reduce carbon emissions is through digitalized building portfolios that identify operational hotspots, leading to cost savings and optimized asset management [50][51]

Investment Rating - The report does not explicitly state an overall investment rating for the industry or companies analyzed. Core Insights - The South Korean retail sector has seen significant growth, with online platforms driving this surge, particularly highlighted by Coupang's brand value increase of 12% to USD7.2 billion [21][22] - Samsung remains the most valuable brand in South Korea, despite a slight decline in brand value to USD82.2 billion, reflecting strong consumer loyalty and market leadership [27][53] - Naver is recognized as the strongest brand in South Korea, although its brand value decreased by 27% to USD3.3 billion, indicating challenges despite high brand familiarity [28][53] - Cantata, a premium canned coffee brand, experienced remarkable growth, with brand value nearly doubling to USD869 million, driven by strong brand metrics [29][47] - The banking sector contributes significantly to the overall brand value, with KB Financial Group's brand value increasing by 17% to USD5.4 billion, showcasing strong performance in loans and non-banking units [38][39] - The logistics sector is vital for the economy, with brands like Hyundai Glovis and CJ Logistics investing in technology to enhance efficiency [43][44] Summary by Sections Ranking Analysis - The retail sector's growth is closely tied to South Korea's booming online market, with platforms like Naver Shopping Live and Kakao Shopping Live enhancing consumer engagement [21][26] - Samsung Group has the highest Sustainability Perceptions Value at USD6.7 billion, indicating strong consumer belief in its sustainability efforts [31][32] Sector Analysis - The banking sector is the third-largest contributor to brand value, with traditional and digital banks shaping the market [38] - Hyundai and Kia are leading the automobile sector, with Hyundai's brand value increasing by 45% to USD22.9 billion, driven by innovation and market expansion [50][51] - The soft drinks sector has seen a remarkable increase in brand value, with Cantata leading the market due to the growing demand for ready-to-drink beverages [47][48]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - China's GDP grew at a steady 5 percent in the first half of 2024, while retail sales increased by 3.7 percent, indicating a stable but modest growth in consumption [2][5] - Despite low consumer sentiment and a property slump, there are pockets of consumer confidence and growth in specific sectors, suggesting a nuanced market landscape [2][6] - The report challenges three common myths about Chinese consumption, emphasizing the need for a granular understanding of the market [5][11][15] Summary by Sections Economic Overview - China's GDP growth remains at 5 percent, contributing one-third of global GDP growth in 2023, with domestic consumption showing modest growth [6][10] - Retail sales growth in key consumer product categories for H1 2024 includes food at 1.0%, cosmetics at 9.6%, and foodservice at 7.9% [7] Myth 1: Chinese Consumption Crisis - The narrative of a consumption crisis is misleading; while consumer sentiment is low, the overall economic picture is not bleak, with GDP growth indicating resilience [5][19] - Some sectors, such as services and tourism, are experiencing robust growth, highlighting varied performance across different sectors [6][19] Myth 2: Decline in Luxury Goods Appetite - Chinese consumers have not lost their appetite for luxury goods; instead, they are increasingly making purchases overseas, with spending in the first half of 2024 exceeding 2019 levels [11][14] - Luxury brands are shifting focus from opening new stores to enhancing marketing efforts in response to changing consumer behavior [14] Myth 3: Foreign Companies Exiting China - The perception that foreign companies are exiting China is overly simplistic; while some companies have scaled back, many are increasing investments, particularly in the automotive sector [15][19] - Foreign brands continue to hold significant appeal among Chinese consumers, especially in premium segments, with notable growth in the sportswear sector [15][19]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The transition towards sustainable development in India is expected to significantly alter economic activities and labor markets, impacting the demand for skills and creating both green and brown jobs [6][10] - Green jobs account for approximately 5.9% of total employment in India, while brown jobs represent about 4.6% [15][43] - The Skill Council for Green Jobs (SCGJ) has been established to identify green jobs and the necessary skills for these occupations, focusing on sectors such as renewable energy, waste management, and construction [13][15] Summary by Sections Introduction - Climate change is a critical issue affecting various aspects of well-being, prompting the need for sustainable development strategies [10] - The transition to sustainability will create new job opportunities while potentially displacing existing brown jobs [11][12] Measuring Green and Brown Jobs - Green jobs are defined as those that positively impact the environment, while brown jobs are associated with pollution-intensive industries [17][18] - The report employs a task content approach to measure green and brown jobs, which focuses on the specific tasks performed within occupations [20][23] Data and Definitions - The analysis utilizes data from the 2019-20 Periodic Labour Force Survey (PLFS), which is nationally representative and includes detailed labor market information [28][30] - The SCGJ's national definition of green jobs includes 44 specific occupations, while brown jobs are classified based on Vona et al.'s (2018) taxonomy [23][25] Patterns and Trends in Employment - Green jobs are predominantly found in construction (39%), manufacturing (21%), and agriculture (14%), while brown jobs are mainly concentrated in manufacturing (53%) and construction (30%) [49][51] - The percentage of green jobs has increased from 5% to 6% over the past decade, indicating a positive trend in sustainable employment [47] Worker Characteristics - Green and brown jobs are primarily held by younger, male workers, with green jobs showing a significant wage premium compared to brown jobs [15][64] - The gender disparity is notable, with 78% of green jobs and 79% of brown jobs occupied by men [65]

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The paper investigates the impact of unexpected demand shocks on worker compensation, revealing that these shocks lead to higher average wages, particularly benefiting high earners within firms [2][9][39] - It highlights the role of managerial skill in the distribution of revenues from demand shocks, indicating that firms with highly skilled managers tend to share revenue windfalls more unequally among workers [10][40] Summary by Sections Introduction - The study aims to understand how firm-level revenue shocks affect wage setting and the mechanisms behind wage differentials across firms and workers [6][9] Data - The analysis utilizes a rich dataset from private sector firms in Portugal from 2006 to 2018, combining firm census data, export transactions, and employer-employee panel data [7][15][16] Methodology - A new methodology is proposed to identify unexpected demand shocks at the firm level, using forecast errors in GDP growth of export markets [20][21] Results - Unexpected demand shocks significantly impact sales, employment, investment, and average wages, with larger effects observed for negative shocks [9][32] - The analysis shows that wage increases occur mainly in the form of higher base wages and overtime pay, indicating a sharing of unexpected revenue with workers [10][33] - The distribution of wage increases is highly unequal, favoring higher earners within firms [39] Managerial Skill - The report examines how managerial skills influence the distribution of revenues from demand shocks, finding that firms with skilled managers tend to have better management practices and higher wage distributions for top earners [40][41][46]

Industry Overview - The study focuses on the financial distortions in capital markets between state-owned enterprises (SOEs) and private-owned enterprises (POEs) across 24 European countries from 2010 to 2016 [2] - SOEs have subsidized access to debt and equity compared to POEs, with a 1 percentage point increase in government stake reducing the implicit average finance cost by 0.01 percent [6][7] - The removal of SOEs from the market could lead to aggregate productivity losses of up to 40 percent due to their superior technical efficiency in some sectors [2] Core Findings - Targeted reforms that shut down poorly performing SOEs lead to aggregate total factor productivity (TFP) gains of up to 15 percent in every country [2] - Reforms that remove distortions before reallocating resources toward more productive firms can increase productivity by up to 83.7 percent [2] - SOEs are prevalent across competitive industries, with 70% operating in sectors like food, construction, and hospitality, typically dominated by private firms [6] Financial Distortions and Productivity - SOEs benefit from lower debt issuance costs and direct budget support, which distorts finance, innovation, and resource allocation [6] - The methodology used to measure financial frictions shows that SOEs face lower costs of finance, with a 1 p.p. increase in government shareholding reducing the cost of finance by 0.01% for non-publicly listed firms [11] - Publicly listed SOEs, however, face higher costs of accessing finance compared to non-listed SOEs [11] Sector-Specific Insights - The largest subsidies for SOEs occur in industries critical to the economy, such as financial services, electricity, water, and information and communications [11] - The fiscal burden of SOE financial subsidies ranges from 0.001% to 0.955% of GDP for the year 2016, with Slovenia experiencing the highest subsidy cost [11] Counterfactual Reforms - Shutting down all SOEs leads to productivity losses in some countries (e.g., Bosnia and Herzegovina with a 40% decline) and gains in others (e.g., Ukraine with a 35% increase) [12] - Targeted reforms that close only poorly performing SOEs result in TFP gains across all countries, with the highest gains in Germany (14.1%), Ukraine (11.1%), and Montenegro (8.4%) [14][86] - Combining targeted SOE reforms with financial market reforms that eliminate distortions can lead to TFP gains ranging from 26.6% in Austria to 85.5% in Ukraine [92] Data and Methodology - The study uses a novel firm-level database and implements Whited and Zhao's (2021) methodology to infer financial distortions [6][8] - The analysis leverages fixed-effect regressions to assess the role of state ownership in the cost of finance, controlling for firm size, age, productivity, and country-sector fixed effects [10] - The methodology assumes a CES production function to capture sector-wide financial frictions and firm-specific wedges [7][8]

Investment Rating - The report does not explicitly provide an investment rating for the industry analyzed Core Insights - The paper introduces the concept of "jobless development," highlighting that productivity growth in many emerging market and developing economies (EMDEs) is often negatively correlated with changes in the employment-to-population ratio [4][8][26] - It emphasizes significant differences in steady-state employment-to-population ratios across countries, particularly for women, where fewer legal protections correlate with lower employment ratios [4][9][30] Summary by Sections Introduction - The report discusses the dynamics of GDP per capita and its components, emphasizing the importance of the employment-to-population ratio in understanding economic development [8] - It contrasts the development trajectories of South Korea and India, noting that while both experienced GDP growth, South Korea saw an increase in employment ratios, whereas India experienced a decline [8][9] Methodology and Data - The analysis employs a two-stage methodology: first estimating steady-state employment ratios and then examining the correlation with institutional and policy factors [9][13] - The dataset includes 160 countries from 1960 to 2019, focusing on 103 EMDEs for the period 2000-2019, utilizing various data sources including the World Bank and ILO [22] First-Stage Regression Results - The results indicate that slower productivity growth and faster working-age population growth are associated with increases in employment-to-population ratios [23][24] - The analysis reveals that higher initial employment ratios correlate with slower increases in these ratios, suggesting conditional convergence towards country-specific steady-state levels [27][28] Second-Stage Regression Results - The second-stage analysis identifies several correlates of steady-state employment ratios, including trade openness, access to finance, and labor market flexibility [36][39] - It highlights that while few factors correlate with higher aggregate employment ratios, many are associated with higher non-agricultural employment ratios [36][37] Correlates Identified in the Literature - The report discusses structural factors influencing steady-state employment levels, such as trade openness, infrastructure investment, and labor market policies [37][39][40] - It notes that greater access to finance can stimulate investment and employment growth, while restrictive labor laws may hinder employment in the formal sector [40][42]