In addition to the weak growth of domestic demand that has persisted in many countries since the onset of the global financial crisis in 2007, another crucial macroeconomic policy issue is the need to modernize and expand the international network of basic infrastructure to foster stronger long-term global growth of productivity and output capacity. This paper describes the nature of the supply-side issue and outlines the key policy elements that are needed in each Group of Twenty (G20) country to design and implement a successful National Infrastructure Investment Program (NIIP). It then describes how these NIIPs could be integrated into an internationally Coordinated Infrastructure Investment Program, and the leadership role that the G20 could play in carrying out the program of infrastructure renewal and expansion.
