Overview of East Asia Infrastructure Trends and Challenges

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1 Overview of East Asia Infrastructure Trends and Challenges Christian Delvoie. Director, Knowledge Strategy Group, The World Bank Until September 28: Director, Sustainable Development, East Asia and Pacific Region 1

2 East Asia Infrastructure: An Evolving Environment The growth story. Strong growth and significant progress in poverty reduction, supported by clear focus on infrastructure investments Rapid urbanization and rising incomes Increasing regional integration The development challenges. Growing social inequality with Rural-urban and Coastal-inland divide New governance models, with increased decentralization Increasing pressures on natural resources and the environment Financing. Large needs but global financing is not the binding constraint Involving the need for a new sustainable development model 2

3 The Story Strong aggregate growth, supporting impressive poverty reduction Average annual growth (%), million lifted out of poverty in the last 5 years 1. 6 Thailand Malaysia 3 Population weighted average Lao PDR Cambodia Timor-Leste M ars hall Is lands Solom on Is lands M icronesia, Fed. Sts. M ongolia Papua New Guinea Vanuatu Tonga F iji Samoa Palau Thailand P hilippines Kiribati Malaysia Lao PDR Cam bodia -6. Source: World Development Indicators, 25 Source: Source: Connecting East Asia: A New Framework for Infrastructure, The 3 World Bank

4 Urbanization as a new driver for productivity and infrastructure in 2 years, East Asia will be an urban region Urban population (% total population) Growth in number of cities over one million inhabitants million more people move into Asian cities % increase in number of large cities SSA SA MENA LAC OECD EAP Source: World Development Indicators; United Nations World Urbanization Prospects Source: United Nations World Urbanization Prospects 4

5 Increased regional interdependence East Asian development model has been based on global and regional integration Interdependence of auto-manufacturing in ASEAN Emerging East Asia (, ASEAN, newly industrializing economies, Mongolia), share of world exports (%) Intra-regional exports increase from 32 percent to 41 % of EAP trade Source: Nomura Research Institute, Reprinted in Connecting East Asia: A New Framework for Infrastructure, The World Bank Source: IMF, Direction of Trade Statistics 5

6 The Challenges Inequality A contrasted picture Poor provinces in the hinterland, but concentration of the poor along the coast Making the next challenge one of domestic integration Percentage population living below $2 / day (by region) Percentage population living below $2 / day (each dot = 5 people) % of population living below PPP$2/day in 22 2% 4% 6% 8% Source: Poverty Reduction and Economic Management Unit, The World Bank, 24 Source: Poverty Reduction and Economic Management Unit, The World Bank, 24 6

7 And inequality is high and growing GINI Coefficients of Select Countries Across Time Brazil (21,inc) Mexico (22,inc) (23,con) Philipp.(2,con) (23,inc) (21,inc) U.S.A.(2,inc) (22,con) Indon.(2,con) India(2,con) Russia(22,con) Korea (1998,inc) (1981,inc) (1985,inc) Germany(2,inc) Sweden(2,inc) Sources: World Development Report, 26; Ravallion and Chen (24); World Bank estimates from NBS household data. 7

8 with significant variation in infrastructure service access Service Access (Bars in blue = outcomes above low and middle income country average) Water supply access (%) Electricity access (%) PNG Cambodia Lao PDR Mongolia Solomon Myanmar Palau Philippines Vanuatu Malaysia Thailand Samoa Tonga Myanmar Solomon Cambodia Timor Vanuatu Kiribati Lao PDR Micronesia PNG Palau Philippines Fiji Thailand Tonga Mongolia Samoa Malaysia Marshall Telephone access (subscribers / 1 inhabitants) Percentage paved roads Myanmar PNG Solomon Lao PDR Cambodia Kiribati Vanuatu Marshall Samoa Tonga Micronesia Mongolia Fiji Philippines Palau Thailand Malaysia Solomon Cambodia PNG Mongolia Lao PDR Micronesia Philippines Vanuatu Tonga Timor Fiji Malaysia Samoa Thailand Source: World Development Indicators; IEA; Connecting East Asia: A New Framework for Infrastructure, The World Bank 8

9 The governance challenge A host of new actors are coming to the fore Key issues: Democratization Increased complexity in service delivery Corruption Decentralization Corruption Perception Index 24 Myanmar Philippines Papua New Guinea Mongolia Thailand S. Korea Malaysia Japan Singapore Source: Transparency International Note: The CPI score ranges between 1 (highly clean) to (highly corrupt). 9

10 with increased decentralization as a key trend Key challenges: Fragmentation The missing middle Implementation of integrated vision Capacity & leadership at local level Unclear regulation frameworks Expenditure decentralization sub-national expenditure (% total national expenditure) All developing countries (199s) All transition countries (199s) (22) (22) (22) Philippines (22) Thailand (21) India (199s) Russia (199s) Pakistan (199s) OECD countries (199s) Japan (199s) USA (199s) Germany (199s) Source: East Asia Decentralizes Making Local Government Work, The World Bank 1

11 Increasing pressure on natural resources and the environment Business as usual will result in doubling energy consumption by 22 M illion tons coal equivalent (Mtce) 3,5 3, 2,5 2, 1,5 1, 5 's momentous energy demand growth 4-year periods of primary energy growth OECD Europe USA Sources: BP Statistical Review of World Energy 24, Go vt o f Japan, DRC, US Dept o f Energy Years Source: East Asia Energy Unit, The World Bank Business As Usual Japan (Green Growth) Projected no. of automobiles, 2-22 Projected no. of automobiles (in millions) Source: International Energy Agency, 25; World Bank Staff Estimates

12 With severe negative consequences on air quality and climate change PM Concentrations (ug/m 3 ) Countries and Country Groups Share in Global GHG Emissions, 2 Source: ERI Of the 3 most air-polluted cities in the world, 2 are in EAP accounts for 18% of the world total greenhouse gas (GHG) emissions, with alone contributing 15%. 12

13 The Financing East Asia s infrastructure needs are large and increasing East Asia, estimated infrastructure expenditure, actual and projected, ($ billion / year) $123 bil $147 bil $165* bil rail water and sanitation telecoms all, excluding Maintenance 12 1 roads 8 Investment 6 4 electricity by sector by country by economic classification Based on econometric simulations consistent with projected regional growth, and efficiency prices. Due to data limitations, the simulation excludes a number of key infrastructure services, notably ports and airports, and all but major roads. Source: Connecting East Asia, A New Framework for Infrastructure, ADB/JBIC/World Bank Report, 25 13

14 At the macro level, financing is not a constraint in East Asia Selected macroeconomic indicators (US$ billion) In June 27, s Foreign exchange Reserves Current a/c Surplus 26 16* Gross domestic savings foreign-exchange reserves had reached US$1.3trn Japan ** By 28, they exceeded S. Korea US$2.trn Malaysia * 57 Source: IMF International Financial Statistics database Source: Foreign exchange reserves - IMF International Financial Statistics database Current a/c surplus - World Economic Outlook database Gross domestic savings - World Development Indicators * Numbers for 25 ** Numbers for 23 14

15 supported by a virtuous cycle of savings, investment and infrastructure expenditures Savings and investment (% GDP) Malay sia Thailand Infrastructure investment (% GDP) -3% 4-7% Over 7% Cambodia Lao PDR Mongolia Thailand Philippines Mongolia Philippines Vanuatu Cambodia Expansion of infrastructure stocks, Total road network Electricity generation capacity EAP MENA ECA Lao PDR SA Thailand LAC Philippines SSA Lao PDR 2 4 Thailand Philippines Investment Savings % 5% 1% % 5% 1% 15% Source: World Development Indicators, 24 Source: Connecting East Asia: A New Framework for Infrastructure, The World Bank 15

16 but, infrastructure needs vary significantly across countries Infrastructure financing needs over in select EAP countries (US$ billion) Energy Water Transport Total Philippines * Mongolia Cambodia.3** 1.4* 1.7 Source: World Bank Country Infrastructure Strategies; Cambodia: Enhancing Service Delivery through Improved Resource Allocation and Institutional Reform * Includes only road transport ** 88 Includes only urban water sector 16

17 Infrastructure finance: Spotlight on Investment Needs Infrastructure Financing Sources US$ million Transport Electricity Telecoms WSS US$ million ? Private Users Government ODA Potential financing gap of around 5% of GDP by 21 If ODA stays at roughly the same level, and user tariffs and government finance increase with GDP (7% growth) 21 needs based on: Sept 25 Min of Transport MTEF; Financial model used by EVN; Target of 35 telecoms lines per 1 people by 21; Targets of 85% access to urban water and sanitation and 75% for rural water and sanitation Government financing includes budget, government bonds & State-Owned Commercial Banks 21 financing requirement based on: Total of sectoral investment needs; ODA grows at 2% p.a. from 22 level; Government and user payments grow at GDP growth rate (7%); Private sector provides the remainder 17

18 Critical to make multiple sources of infrastructure finance work together Private sector investment in infrastructure ($ billion) To all developing countries (right axis) 12 1 Public Sector incl. budget funding, government bonds, State Owned Commercial Banks; but need to create fiscal space and incentive framework for decentralized entities To EAP (left axis) Source: World Bank PPI Database International Donors play a small financing role in most of the region, but provide catalytic role, leverage, innovation and policy advice Private Sector great potential, but cyclical; financing is available but regulatory frameworks still missing in most countries 18

19 General Business Implications Diverse region; diverse needs, but general trends: High sustained growth Sustained regional potential Move from exports to domestic markets Increased sophistication as revenues move up Increased Regional integration Competitiveness and logistics Hard competitive environment: efficiency 19

20 Fast urbanization and decentralization Messy business and policy environment More demanding civil society (environment, corruption) Local champions Local knowledge and partnerships Financing not binding constraint (at regional level) Value added and technology transfer Institutional development and management practices Diversified instruments Leverage Increasing focus on balanced and sustainable growth and on climate change 2

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