The IMF and the World Bank were created 80 years ago when banks, not markets, financed most things.

Today, the financial world is flipped.

The capital markets are the biggest source of private sector financing, and unlocking that money requires a different approach than the bank balance sheet model of yesterday.

There's still a lot of work to be done, but reform over the past eight months have resulted in billions of dollars.

of new dollars for the developing countries' infrastructure.

That's what you saw last week with the announcement of the Investor Coalition.

BlackRock, GIP, KKR, and other major firms will devoice $25 billion into Asia's emerging economies.

In a way, it's an Indo-Pacific counterpoint to Italy's Matei Plan, which is helping African economies grow, and that's important.

Every country in the world needs a growth strategy.

But if I could convey one more important message today, it would be that countries that need growth most right now are not just emerging economies.

Great economic powers, including the G7, are in fact on the list and need growth going forward.

All of us are staring down a growth dilemma.

Whether we solve it or not, it's a significant economic fork in the road for our countries.

Today, the G7 average debt to GDP is 129, 129 percent.

No matter how much we tax, how much we cut or reduce that debt, it will not be enough.

The only way we can achieve this future of growth is by truly growing out of it.

But just growth is becoming more important because we need to be focusing on our fiscal health.

It is also becoming much more difficult to achieve.

Within 25 years, most of the G7 countries will be on demographic downslope.

Working-age population will decline.

The ceiling on growth will get lower and lower.

This is why building new infrastructure is critical, especially through public-private partnerships.

Infrastructure investments is a counterforce to the high debt, low growth economies.