With a proposed investment of US$87.8 billion by the Singapore government between 2018 and 2040, the Association of Chartered Certified Accountants (ACCA) foresees Singapore to have nearly the smallest infrastructure gap in the word, US$400 million by 2040.
In an interview session by Singapore Business Review, with Reuter Chua, ACCA’s country head at Singapore, he stated that Singapore is a big player in infrastructural provisions and practices. He accorded accolades to the steady efforts of the government to cater to the nation’s present and future needs while sustaining fiscally.
In his statement, he cited the project details and approach of Infrastructure Asia geared towards building the infrastructure financing and investment, bringing stakeholders together and calling for the exchange of ideas among other initiatives.
In the same vein, the city-state has been seen as role-models when it comes to bridging the gap between available resources and the paramount infrastructure, alongside Canada and Japan. While the city-state has its headline figure at 0%, Canada and Japan have theirs at only 2%.
However, Brazil, Mexico and Myanmar were seen as top laggers in the world. This prompted the ACCA to urge the Mexican government to invest up to US$699.1 billion to fix the nation’s infrastructure gap of 106%, while Brazil needs US$1528.44 to close its 79% infrastructure gap. In the same vein, Myanmar needs about US$144.35 billion to offset its 101% infrastructure gap.
Come 2040; the world infrastructure gap will shoot up to US$149 trillion after going up to US$400 billion in the immediate past year.
Asian countries dominate when it comes to financing infrastructure investment as they funded a whooping pricing of US$1.3 trillion in 2015. This was about 5.1% of the entire regional GDP. On the next spot is Africa, with an infrastructure investment that is 4.3% of GDP. Those of America and Europe were at 1.7% and 2% of their respective GDPs.
McKinsey Global Institute’s reports have it that the world has to put in US$4.4 trillion if they have to bridge the investment infrastructure gap.
Do read about Singapore’s Housing Loan Information
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