A budget of $57 trillion is needed to upgrade the world's infrastructure over the next 18 years to keep up with the anticipated growth of the global gross domestic product, write Jimmy Hexter, a director at McKinsey & Company, and Jan Mischke, a senior fellow at McKinsey Global Institute. However, this amount could be reduced if the focus was on increasing the productivity of infrastructure, they contend. Better selection of projects, streamlined delivery and developing existing infrastructure "instead of rushing to build new capacity" are some ways to cut costs, they argue.

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