The GLIO Index climbed 4.2 percent in July, with renewables, electric and water utilities plus railroads advancing strongly. Japanese passenger rail and airports declined. Global equities added 4.8 percent in July.

Once we overcome the worst of COVID-19 and lockdowns continue to ease in most countries, infrastructure in its many forms will be critical to the recovery.

Put simply, there is no return to growth without roads, railroads, airports and ports, essential utilities and renewables, energy transportation and communication infrastructure and these are the backbone of the GLIO Index.

The big question is how essential assets will be maintained and developed in the future. As governments struggle with strategies to prop-up stressed economies, the risk is the infrastructure funding gap will continue to widen.

In July, the G20/OECD met and issued a report on how the institutional investment community could be mobilzed to fill the gap.

The report in