Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The study highlights significant welfare disparities between in-camp refugees and host communities in Ethiopia, with in-camp refugees experiencing 60 percent lower consumption per capita and poverty rates that are 40 percentage points higher than those of host communities [2][9][46] - Employment opportunities for in-camp refugees are severely limited, leading to a reliance on humanitarian aid, which is insufficient to alleviate high poverty levels [2][11][27] - The welfare of in-camp refugees is positively influenced by favorable host community characteristics, such as better socio-economic conditions and positive attitudes towards refugees [12][50][67] - Despite the introduction of policies allowing refugees to work outside camps, many still face barriers to accessing better employment opportunities, which perpetuates their dependence on aid [63][66] Summary by Sections Introduction - The report discusses the shift from humanitarian assistance to a development-oriented approach in addressing the socio-economic challenges faced by refugees, emphasizing the importance of welfare and poverty metrics [7][21] Data - The analysis utilizes data from the 2023 Socio-Economic Survey of Refugees in Ethiopia (SESRE), which includes extensive information on both refugees and host communities, allowing for a comparative analysis of welfare outcomes [8][29][30] Results - The findings reveal that in-camp refugees are significantly poorer than host communities, with a consumption per capita that is 60 percent lower and a poverty rate that is 40 percentage points higher [9][46] - Limited employment opportunities and reliance on aid contribute to the "trapped poverty" experienced by in-camp refugees, hindering their self-reliance [48][62] - The socio-economic environment of host communities plays a crucial role in shaping refugee welfare, with better conditions leading to improved outcomes for refugees [50][67] Employment Outside Camps - Approximately 40 percent of in-camp refugees seek employment outside camps, but this does not necessarily lead to improved welfare outcomes [57][66] - Working outside camps is associated with a greater sense of autonomy, despite the lack of formal employment opportunities and the risks involved [59][60] Conclusion - The report concludes that expanding access to employment opportunities for refugees is essential for fostering self-reliance and reducing aid dependency, highlighting the importance of Ethiopia's recent policy changes [63][65]