He was reporting on investments. There's a great deal of talk about infrastructure, for example, including transportation infrastructure. It has been shown that measures like these have led to positive repercussions and elasticity on production and economic potential. There were also gains in the efficiency of investment in information technology and communications. As I was saying before, there is more and more investment today in automation technology, and in repatriating foreign production to become more resilient with respect to regional policies. All of that is part of the equation that makes our economy more productive. There is also climate transition investment, although this will not necessarily strengthen productivity. Indeed, when compared to the counterfactual scenario in which we would do nothing, the economy will be more stable if there are fewer climate shocks in future.
From the productivity standpoint, all these factors matter. But I agree with Mr. Gregory when he says that the sorts of policies that need to be introduced right now have changed. We're no longer talking about handing out cheques and income support because we've seen the effects of doing that. They are not the only things affecting inflation, but they are a part of it. There's a lot riding on capital and investment now. It will be an economic cycle based on increased investment and international competition for investment, including in the technology sector.
That's what we need to focus on if we are to simultaneously increase our productivity and develop a more resilient economy.