Building Back Smarter and Faster in 2022
There is no doubt the last two years have been challenging for almost every country in the world. In response to the adversity caused by the pandemic, the catchcry of economists and governments has become “build back better”, and for the construction industry, the emphasis on “build” is the good news we needed.
Financial experts have recognised the role of infrastructure and construction as shots in the arm for national wealth. Evidence of this is seen through the Biden Administration’s ambitious infrastructure agenda in the US, the EU’s continued focus on the net-zero transition, and, in many Asian nations, the focus on social issues like housing shortages.
At the end of 2021, the rise of the Omicron variant forced economists to hastily amend growth projections. However, economic recovery is still believed to be on the cards, albeit slightly slower. The predictions from banks, the OECD, rating agencies and others project a rebound of around 4.5% global GDP growth for 2022.