Infrastructure construction activity looks likely to increase in China as the government could fast‐track projects in response to change in its economy.

Infrastructure construction activity looks likely to increase in India, although implementation issues could slow the realization of announced projects. Although construction materials tend to be sourced locally, the projected depreciation of the rupee may drive prices up due to the increased cost of imported raw materials such as steel and oil.

In Indonesia, infrastructure construction activity is expected to increase, although some projects may be delayed given the government’s desire to protect the currency. However, there is a long‐term development goal to improve infrastructure, which is likely to be maintained. As such, continued demand for inputs from large‐scale projects, along with a weakening rupiah and flat industrial raw materials prices, mean that construction costs look likely to rise.

In Pakistan, the infrastructure construction activity outlook is neutral, but with high uncertainty as the country seeks to secure financial assistance.

Infrastructure construction activity in the Philippines look likely to increase, driven by the government’s state utilities in the Philippines. Authorities tend to underspend as compared to projected pipeline, given institutional constraints. Demand from “Build, Build, Build” and inflationary pressure from the projected depreciation of the peso are likely to drive construction costs up.

The outlook for infrastructure construction activity in Russia is neutral. Although the government has recently announced a strong push for infrastructure spending, uncertainty over the economic outlook means that fixed investment rates look likely to remain low, constraining infrastructure spending. As such, the outlook has been kept at neutral, pending greater commitment via more detailed infrastructure expenditure plans. The cost of construction is likely to increase, partly due to the potential depreciation of the rouble and flat prices of industrial raw materials leading to growing import costs for construction materials. However, the price increase for road construction inputs may be more muted as some materials are sourced locally.

Infrastructure construction activity in Türkiye looks likely to decrease, as there is significant downside risk for the overall construction sector and the government has suspended investment projects for which the tender process has not been finalized. The projected depreciation of the lira, coupled with Türkiye’s heavy reliance on imports for construction materials and the projected flat prices of industrial raw materials is likely to lead to construction costs increasing.