SANTIAGO – The nations of Latin America need to more than double their current investment in infrastructure to meet the region’s needs over the next six years, the UN Economic Commission for Latin America and the Caribbean said on Monday.
Based on its analysis of infrastructure expenditures in the 1980-2012 period, Santiago-based ECLAC said the region should be investing roughly $320 billion a year, or 6.2 percent of annual GDP, to upgrade capabilities in the areas of transportation, energy, telecommunications and water and sanitation.
The figure includes spending by both governments and the private sector.
Total infrastructure spending in the region over the past decade has averaged 2.7 percent of annual GDP, ECLAC said.
“An adequate response to the requirements in this field is key to the region’s integration with the global economy in the 21st century and to its inhabitants’ quality of life,” the commission said.