investeringskloof

Investeringskloof, or investment gap, is the shortfall between current investment levels and the amount needed to sustain a desired rate of growth or to replenish and expand the capital stock. It is used in macroeconomic and policy debates to describe underinvestment that can limit productivity and living standards. The gap can be measured as the difference between the investment required to close the output or productivity gap and actual investment, or as the shortfall relative to a benchmark trajectory.

Causes include credit constraints, high financing costs, risk aversion, policy uncertainty, inefficient institutions, inadequate project preparation, and underdeveloped long-horizon capital markets. In infrastructure, the gap often stems from large upfront costs and long payback periods, with private capital reluctant to fund public goods lacking strong guarantees or clear revenue models.

Consequences of a persistent investeringskloof include slower economic growth, lower productivity, delayed infrastructure modernization, reduced competitiveness, and potential employment effects. In climate and energy transitions, a large investment gap can slow decarbonization efforts.

Policy responses focus on mobilizing and de-risking finance while expanding the investment climate. This includes targeted public investment in essential infrastructure, reforms to improve project pipelines, independent regulation, and predictability of policy. It also involves leveraging private capital through guarantees, blended finance, and public–private partnerships; reforming pension and sovereign wealth fund investment rules to channel long-term capital; and strengthening financial markets to improve access to credit.