To build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation
Economic growth, social development and climate action are heavily dependent on investments in infrastructure, sustainable industrial development and technological progress. In the face of a rapidly changing global economic landscape and increasing inequalities, sustained growth must include industrialization that first of all, makes opportunities accessible to all people, and second, is supported by innovation and resilient infrastructure.
Even before the outbreak of the COVID-19 pandemic, global manufacturing – considered an engine of overall economic growth – has been steadily declining due to tariffs and trade tensions. The manufacturing decline caused by the pandemic has further caused serious impacts on the global economy.
In addition, the airport industry, also an important driver of economic development, faced the steepest decline in its history in the first five months of 2020, with a 51% drop in airline passengers due to the global lockdowns.
Basic infrastructure like roads, information and communication technologies, sanitation, electrical power and water remains scarce in many developing countries. In 2019, some 87% of people in developed countries used the Internet, compared with just 19% in the least developed countries.
(Information pulled from INDUSTRY, INNOVATION & INFRASTRUCTURE: WHY IT MATTERS)