Investment Rating - The report maintains a bullish outlook on the fixed income market, particularly favoring a 50 basis point rate cut by the Federal Reserve in the upcoming FOMC meeting [1][2][4]. Core Insights - The core Consumer Price Index (CPI) rose by 0.28% in August, driven by an increase in Owners' Equivalent Rent (OER), which supports the expectation of a rate cut [1][2]. - The Federal Reserve is anticipated to guide markets towards further easing, with expectations of 100 basis points of cuts by the end of 2024 and an additional 150 basis points in 2025 [1][9]. - The report highlights a preference for steepening trades in the Treasury curve, particularly 3s/30s steepeners, as a core bullish view [1][10]. Economic Overview - The labor market is showing signs of slowing, with private payrolls dropping below 100,000, prompting a shift in the Fed's reaction function [4][9]. - GDP growth is projected to remain stable at 1.8%, with core PCE inflation expected to taper to 2.0% by 2026 [9][10]. Treasury and Interest Rate Derivatives - The report discusses the potential for a 25 or 50 basis point rate cut, with a preference for positioning in both higher and lower yield scenarios [1][10]. - Asymmetric positioning strategies are recommended, including conditional flatteners and steepeners based on the anticipated rate cut size [10][12]. Securitized Products - Mortgage spreads are tight, with performance driven by the onset of the easing cycle and declining volatility [1][17]. - Regulatory changes regarding Basel III are expected to impact mortgage loan risk weights, potentially reducing securitization activity [19][21]. Corporate Credit - High-grade (HG) credit spreads are expected to remain stable as fundamentals improve alongside falling rates, with a positive outlook for returns [1][26]. - High yield (HY) spreads have increased slightly, but historical performance suggests strong returns in the months following a rate cut [26][28]. Near-term Catalysts - Key upcoming economic indicators include August retail sales, the September FOMC meeting, and employment data [1][10].

Embrace data to accelerate sustainability Contents Executive summary 4 The business case for sustainability is compelling 5 Poor reporting and data challenges obscure sustainability efforts 7 Integrate ESG data for enhanced transparency 10 Conclusion 13 Methodology 14 Partner with Capgemini 16 Ask the experts 17 Key contacts 18 Acknowledgments 19 Endnotes 20 2 Embrace Data to Accelerate Sustainability Introduction As the planet warms, climaterelated disasters and illnesses are becoming more frequent. The co ...

Investment Rating - The report does not provide a specific investment rating for the industry but indicates that companies with stronger relative Nature Performance trade at modest premiums to laggard peers [2][13]. Core Insights - The report highlights the increasing focus on Nature and Biodiversity as a critical area for corporate sustainability strategies and sustainable investors, driven by various catalysts such as the need for Nature-based solutions and the physical and financial risks associated with biodiversity loss [5][6][8]. - The GS SUSTAIN Nature Tool is introduced as a framework to measure corporate transparency and performance related to biodiversity, aiming to provide investors with a clearer understanding of companies' impacts on nature [10][33]. Summary by Sections Executive Summary - Nature is gaining momentum as a focus area for corporate sustainability strategies, with five catalysts identified: the need for Nature-based solutions, efficiency improvements, risks of biodiversity loss, permitting processes for land development, and responses to the Global Biodiversity Framework [5][6][19]. GS SUSTAIN Nature Tool - The GS SUSTAIN Nature Tool measures corporate exposure, transparency, and performance related to biodiversity through a framework that includes assessing business activities, plans, and performance metrics [10][33]. Biodiversity Transparency and Performance - The report emphasizes that while data on biodiversity is scarce, existing data can provide context for company analysis, revealing that few companies have sector-leading plans and performance on relevant indicators [11][12]. - Companies with strong Nature Performance are observed to trade at a premium, while those with strong transparency plans tend to trade at a discount [13][24]. Stock Performance - Nature Performance leaders have underperformed compared to laggard peers and the MSCI ACWI since early 2022, indicating potential discovery value for companies with strong performance-driven outcomes [14][40]. - Nature Plan/Transparency leaders have shown similar stock performance to laggards, with both outperforming the MSCI ACWI in certain sectors [41][44]. Nature & Biodiversity Adopters and Enablers - Investors are likely to focus on sectors with high potential negative impacts on biodiversity, such as Food & Beverage and Metals & Mining [22]. - Companies providing adaptive solutions to mitigate nature-related risks are expected to gain investor favor, highlighting the importance of water resiliency, land management, and technology solutions [23][24]. GS SUSTAIN Nature Framework and Relative Valuation - The report notes that while Nature Performance leaders trade at a premium, Nature Plan leaders consistently trade at a discount, suggesting that the market rewards performance-driven outcomes over mere disclosure [24][35].

Investment Rating - The report does not explicitly provide an investment rating for the agriculture and rural connectivity sectors in Togo. Core Insights - The Public Finance Review emphasizes the need for improved public investment management to accelerate rural development and structural transformation in Togo, where 50% of the population living under the national poverty line relies on agriculture as their primary income source [12][29]. - The report highlights that low agricultural productivity and inadequate rural connectivity hinder economic growth and poverty reduction, necessitating a holistic approach that combines agricultural advancements with infrastructure development [12][29]. - It identifies that public investment can mobilize private sector investment, especially when fiscal constraints limit public funding, and suggests reforms to enhance the business environment and governance [14][28]. Summary by Sections Country Context and Challenges - Togo has faced significant challenges, including the COVID-19 pandemic and global trade disruptions, but managed to maintain robust growth with public investment reaching 9.7% of GDP in 2022, up from 3.2% in 2019 [19]. - Despite growth, structural transformation has been limited, with stagnant agricultural productivity and poor connectivity between rural and urban areas contributing to persistent poverty [19][20]. Public Investment Management and Structural Transformation - The report assesses the quality of public investment management in Togo, noting that while there has been progress in project selectivity, inefficiencies remain in budgeting and transparency [40]. - It emphasizes that improving public investment efficiency could significantly enhance infrastructure quality without additional budget resources, with potential gains of 14% to 37% by matching the efficiency of peer countries [13][43]. Agriculture Sector - The agriculture sector in Togo is characterized by low productivity, with only 37% of households using fertilizers and 8% using improved seeds, leading to reliance on self-subsistence farming [20][21]. - The report suggests that improving access to agricultural inputs and enhancing public sector governance are critical for boosting productivity and food security [15][16]. Energy Sector - Rural electrification is a major constraint, with only 25% of the rural population having access to electricity, which limits agricultural modernization and productivity [17][25]. - The report recommends reforms in the electricity tariff structure and governance of public utilities to improve rural electrification and support renewable energy solutions [17][25]. Transport Sector - Despite significant investments in rural road connectivity, many roads remain unpaved and poorly maintained, with 37% of the rural population living more than two kilometers from an all-weather road [18][26]. - The report calls for improved road asset management and prioritization of climate-resilient road designs to enhance rural access and agricultural productivity [18][26].

Policy Research Working Paper 10914 Public Disclosure Authorized Public Disclosure Authorized | --- | --- | --- | --- | --- | |-------|-------|--------------------------------------|-------|-------| | | | | | | | | | Why Did Support for Climate Policies | | | | | | Decline in Europe and Central Asia? | | | | | | | | | | | | Alexandru Cojocaru | | | | | | Michael Lokshin Iván Torre | | | Europe and Central Asia Region & Poverty and Equity Global Practice September 2024 Public Disclosure Authorized Public Dis ...

Policy Research Working Paper 10916 Public Disclosure Authorized Public Disclosure Authorized | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------|-------|-------|-------|-------|-------|-------| | | | | | | | | | How Well Did Real-Time Indicators Track | | | | | | | | | | | | | | | | Household Welfare Changes in Developing | | | | | | | | Countries during the COVID-19 Crisis? | | | | | | | David Newhouse Rachel Swindle Shun Wang Joshua D. Merfeld Utz Pape Kibrom Tafere Mic ...

Public Disclosure Authorized ID4D DPI Public Disclosure Authorized Public Disclosure Authorized ELECTRONIC SIGNATURES ENABLING TRUSTED DIGITAL TRANSFORMATION Public Disclosure Authorized DIGITAL TRANSFORMATION POLICY NOTE SERIES SEPTEMBER 2024 © 2024 The World Bank 1818 H Street NW, Washington DC 20433 Telephone: +1-202-473-1000; Internet: www.worldbank.org Some rights reserved. This work is a product of The World Bank. The findings, interpretations, and conclusions expressed in this work do not necessarily ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Generative AI has the potential to significantly impact economic growth, labor markets, and global trade patterns, with varying predictions on its effects [8][9] - The paper introduces a multi-sector growth model to analyze the effects of generative AI, emphasizing the distinction between high-skill, highly digitalized services and low-skill, less digitalized services [4][10] - The risk of "premature de-professionalization" is highlighted, where generative AI may limit the creation of well-paid jobs in high-skill services, particularly in developing countries [4][17][23] Summary by Sections Introduction - Generative AI could increase global GDP by 7% over a decade according to Goldman Sachs, while more conservative estimates suggest a 0.9% to 1.1% increase [8] - The impact of generative AI on labor markets could lead to increased competition and lower wages in cognitive occupations [8][9] Structural Transformation - The report discusses the shift in economic activities across sectors, noting the decline of agriculture and manufacturing in favor of services [10][11] - It emphasizes the importance of understanding the interplay between growth and structural transformation for sustainable development [11][12] Model Construction - A multi-sector growth model is constructed to analyze the influence of AI on economic growth and structural transformation, incorporating demand-side factors and sectoral differences [12][20] - The model includes four sectors: agriculture, manufacturing, high-skill services, and low-skill services, with labor as the only production factor [12][55] AI's Impact on Growth - AI influences growth through demand, supply, and international production specialization channels [13][15] - Simulations reveal that unless AI achieves widespread adoption and drives transformative innovations, its growth benefits may be limited [18][23] Employment and Income Dynamics - The report predicts a stagnation or decline in high-skill services employment share, with a shift towards low-skill services due to AI advancements [16][17] - It warns that developing countries slow to adopt AI risk becoming commodity exporters, facing youth underemployment and declining living standards [17][23] Conclusion - The paper contributes to the literature by analyzing generative AI's effects through structural transformation and international production specialization [20][23] - It underscores the need for timely AI adoption to avoid economic stagnation and to foster high-skill service employment opportunities [23]

Policy Research Working Paper 10913 Public Disclosure Authorized Public Disclosure Authorized Fiscal Challenges in Small States Weathering Storms, Rebuilding Resilience Samuel Hill Jeetendra Khadan Development Economics Prospects Group September 2024 Public Disclosure Authorized Public Disclosure Authorized Policy Research Working Paper 10913 Abstract The COVID-19 pandemic and the global shocks that followed have worsened fiscal and debt positions in small states, intensifying their already substantial fisc ...

Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Policy Research Working Paper 10917 Statistically Matching Income and Consumption Data An Evaluation of Energy and Income Poverty in Romania Britta Rude Monica Robayo-Abril Poverty and Equity Global Practice September 2024 Public Disclosure Authorized Policy Research Working Paper 10917 Abstract To design effective policy instruments that target the energy poor in Romania, it is crucial to understand who the energy poor a ...