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Yet infrastructure has arguably been the forgotten economic issue of the 21st century.Without such solutions, an estimated $57 trillion of infrastructure investment would be needed in the period 2013-2030, just to keep pace with GDP growth.That is more than the value of the entire existing stock of infrastructure.More productive infrastructure could reduce the world's infrastructure bill by 40 percent, or $1 trillion annually – savings that could boost economic growth by about 3 percent, or more than $3 trillion, by 2030 . Increasing infrastructure's productivity begins in the planning phase. South Korea's Public and Private Infrastructure Investment Management Center has reduced infrastructure spending by 35 percent; today, officials reject 46 percent of the proposed projects they review, compared to 3 percent previously.Similarly, the United Kingdom established a cost-review program that identified 40 major projects for prioritization, reformed overall planning processes, and then created a Cabinet sub-committee to ensure faster delivery of projects, thereby cutting infrastructure spending by 15 percent. Infrastructure increases economies' competitiveness, while providing the physical framework for people's lives.
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