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For example, the United States and Germany invested 19.1 per cent and 19.7 per cent of GDP respectively over the same period. This is comparable to the investment ratio of major developed markets. The two largest economies, Nigeria and South Africa, have also underperformed, with investment ratios of 15 per cent and 19.6 per cent of GDP respectively over the same period. SSA countries have invested on average only 20 per cent of GDP per annum between 20, and North African countries about 22.8 per cent. In comparison, African countries continue to underspend. Between 20, the investment ratio for China and India averaged 44 per cent and 31 per cent respectively, and for the East Asia and Pacific countries grouping (excluding high income countries) it was 40.6 per cent. infrastructure and capital equipment) have been among the fastest growing economies. Globally, developing countries investing 30 per cent of GDP or more on gross fixed capital formation (i.e. 4 This could also make growth in Africa more inclusive, alleviating poverty across the continent. The World Bank estimates that Sub-Saharan Africa’s (SSA) gross domestic product (GDP) per capita growth would increase by 1.7 percentage points per annum if the region were to close the infrastructure gap (in terms of both quantity and quality) relative to the developing world median. Infrastructure investment also increases business confidence and draws in investments in other sectors, fosters innovation and productivity and lowers transaction costs, facilitating trade in goods and services and the transfer of talent. Investment in infrastructure and capital projects (I&CP) can be essential to diversify economies and promote private sector activity and industrialisation, ensuring enough jobs are created for the 12 million young people entering Africa’s labour force each year.