Infrastructure can be defined as the structure or underlying foundation on which the continued growth of a community depends and is of vital importance to countries in all stages of development. The rapid development of innovations in technology and communication has enabled significant improvements in the design, installation, and operation of assets, which can expedite the process of upgrading infrastructure. In today’s global business environment, cities around the world are competing for business and investment, and the quality of existing infrastructure is often a determining factor. Countries that are able to deliver improvements to infrastructure quickly and without political interference will likely reap the greatest economic benefits.
With properly planned and executed investments, developing countries can greatly improve their infrastructure, which can encourage more investment from abroad and increased competitiveness in global markets. Emerging-market economies must keep their infrastructure up-to-date, remove bottlenecks, and upgrade inadequate systems to fuel continued economic growth. Developed countries, especially the United States and those in Europe, need to invest in replacing once-advanced infrastructure that is now becoming obsolete.
Sound infrastructure is imperative for the world’s large, urban cities. Cities like London, New York, Shanghai, Singapore, and Mexico City need to implement new-age infrastructure and land use concepts that will limit congestion and pollution, deliver adequate supplies of electricity and safe drinking water, and provide a satisfactory quality of life for the cities’ tens of millions of people. Improved transportation infrastructure will allow agricultural regions and manufacturing hubs access to these colossal cities and will allow for a more stable supply chain and enable sustainable business growth.
Stay tuned to the globalEDGE blog this week to learn more about Brazil’s current infrastructure gap, replacing outdated infrastructure in mature countries, infrastructure crucial to Africa’s long term growth, and South Asia’s infrastructure investment needs.