impact of infrastructure development on economic growth

Abstract. It may be noted that with large investment in infrastructure during the last decade (2003-04 to 2013-14) India has become the second fastest growing economy of the world but in the two years (2012- March 2014) economic growth slowed down and this has been mainly due to the stalled infrastructure projects which held back economic development. To satisfy this need effectively and deliver lasting economic and social development the world needs the collective leadership, experience and creativity of the infrastructure community. Literature Review Infrastructure occupies a very important position in the growth process. The development of seaports as an economic infrastructure assumes that like roads, communications and other economic infrastructure ports have a positive impact on the growth … Estache and Fay (2009) suggest that, in addition to the channels mentioned above, investment in public infrastructure can also impact investment adjustment costs, the durability of private capital, and both the demand for and supply of health and education services. The researchers analyze the impact of infrastructure in various aspects: regional competitiveness, economic growth, income inequality, output, labour productivity, the impact on the environment and well-being (in time and cost savings, increased safety, the development of information networks) (Bristow and Nellthorp (2000)). The impact of infrastructure development on economic growth in sub-Saharan Africa with special focus on Ghana Journal of Financial Management of Property and Construction, Vol. McKinsey has reported that from 2016 to 2030, there will be a need to invest on average USD3.3 trillion annually to keep pace with projected growth. 3 Public policy, dynamic status preferences, and wealth inequality other channels through which public infrastructure may impact growth. In Nigeria under investment in infrastructural development could be a bane to her vision of becoming a top 20 economy by the year 2020. Despite her economic growth over the years, this has not translated to economic development due to lack of infrastructure, high poverty rate, unemployment etc. 24, No. Global infrastructure demand is high. The authors provide an empirical evaluation of the impact of infrastructure development on economic growth and income distribution using a large panel data set encompassing over 100 countries and spanning the years 1960-2000. Economic Impact of Infrastructure Stimulus . The role of infrastructure and its effects as an agent of growth and development is not a new phenomenon’s is a very important parameter for economic growth that no one can deny. A number of papers on infrastructural 2. Calderon and Serven provide an empirical evaluation of the impact of infrastructure development on economic growth and income distribution using a large panel data set encompassing over 100 countries and spanning the years 1960-2000. Investments in infrastructure contributes to higher productivity and growth, facilitates trade and connectivity, and promotes economic inclusion. Development of infrastructure implies a complete modernization of the economy as a while which leads to substantially increased output and productivity. The study attempts to find out the impact of infrastructural development on the state-wise socio-economic growth in India and also to analyze the difference in impact among the selected sixteen states in India. on economic growth: The Nigerian perspective. Road infrastructure has been found to be a significant factor of economic growth and development. There is clear evidence that Investment in infrastructure leads to the growth of … Recent estimates by the Congressional Budget Office and a meta-analysis of empirical results from economic …

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