Governments are facing unprecedented pressure, both in terms of providing infrastructure that is fit for the various economic and social needs, as well as responding to the issues that geopolitical tensions, technology and extreme weather events bring about. This requires infrastructure that can meet these challenges and be resilient in the face of the various risks. With careful risk management, there are opportunities for infrastructure to play a key role in contributing to economic growth and meeting social needs.
Public finances are under significant pressure, while key sources of external finance such as development finance are in decline. Extreme weather events are accelerating with their economic and social costs increasing. Geopolitical tensions are disrupting global supply chains and increasing the risk of malicious attacks on critical infrastructure.New technologies such as artificial intelligence (AI) and their economic, social and environmental impacts are also having profound implications on how AI-related infrastructure is developed, financed and operated.
These developments have shifted the focus towards developing quality infrastructure, with resilience at its core. Resilient infrastructure is critical to strengthen an economy’s capacity to respond to the various risks and threats, while promoting growth and competitiveness.
Decisive policy action is needed to improve the capacity of governments at all levels to manage public investments and strengthen domestic levers to support the preparation and financing of bankable infrastructure projects that takes into account weather-related risks. It also encompasses the development of risk management frameworks to protect critical infrastructure, reduce its vulnerability to a range of risks, including cyberthreats, and support more effective recovery from disasters. Finally, greater resilience also involves the development of economic corridors which can support multi-modal and diversified connectivity that can open up new economic opportunities and reduce supply chain chokepoints.
This year’s Infrastructure Forum will support the identification of policies that can ensure that investments in infrastructure are future-proofed, can contribute to long-term productivity growth and have greater capacity to respond to shocks.The Forum will bring together perspectives from a wide range of stakeholders involved in the planning and financing of infrastructure as well as in assessing its impact on the economy and society. The Forum will provide a platform to exchange views and best practices that can support more effective approaches to infrastructure resilience.
