As the world, and in particular for the purpose of this article, Canada and the United States, faces unprecedented economic shock, investment in public infrastructure will play a critical component in a stimulus and recovery program. Fighting the COVID-19 virus and meeting the economic demand for fiscal and liquidity measures goes well beyond the experience of the 2008 financial crisis and is likely more similar to the impact of World War II on the world economy.

The current measures announced by G20 countries on March 26 total $5 trillion, equivalent to over seven of 2019 G20 countries’ gross domestic product. The measures continue to grow by the day. Larger deficits, challenges of debt sustainability, increased monetization, and pressure to respond and react to every issue can be expected in the foreseeable future, leading to high government borrowing and spending.

Governments today and tomorrow will need to assess where they invest — saving lives and livelihoods