Speculations from the Association of Chartered Certified Accountants (ACCA) have it that the government’s proposed US$87.8 billion investment from 2018 to 2040 will leave Singapore with the world’s lowest infrastructure gap at S$544.3 million (US$400 million) in 2040.
While speaking in an interview, the country head at ACCA Singapore, Reuter Chua said that Singapore is a force to reckon with when it comes to infrastructural practices and provisions. He attributed it to the government’s relentless efforts to address present and future needs and project details while maintaining fiscal sustenance.
He went further to point out the vision of Infrastructure Asia to boost financing, infrastructure investment, encourage linkups among infrastructure stakeholders and allow the exchange of information amongst other initiatives.
Talking about role models when it comes to bridging the gap between vital investment infrastructure and the available resources, the city-state, Japan and Canada were pointed out as having 2 percent headline figure while Singapore sits at zero percent.
Myanmar, Mexico and Brazil were seen as global laggers. According to the ACCA, the Mexican government is meant to invest US$699.1 billion to fix the nation’s 106 percent infrastructure gap. On the other hand, Myanmar needs about US$144.35 billion to close the 101 percent infrastructure gap, while Brazil will have to close its 79 percent with US$1528.44 billion.
Owing to the increased global infrastructure investment gap which hit S$544.3 billion (US$400 billion) last year, it’s being envisaged that it will go up to S$202.8 trillion (US$149 trillion) by 2040.
Regionally, Asian countries got involved in a payment scheme that funded the largest financial investment around the cost of S$1.7 trillion (US$149 trillion) in the year, 2015, and this shows 5.1 percent of regional GDP.
Africa followed with infrastructure investment as a share of GDP at the 4.3 percent spot. Those in America and Europe stood at 1.7% and 2% respectively.
According to the McKinsey Global Institute, the world needs to invest S$5.9 trillion (US$4.4 trillion) to bridge the infrastructure gap.
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