Tuesday, October 3, 2023
HomeEconomyPandemic delays poverty fight in Asia-Pacific by two years - ADB

Pandemic delays poverty fight in Asia-Pacific by two years – ADB

MANILA (Reuters) – The Asian Development Bank (ADB) said the pandemic has delayed the fight against poverty in the Asia-Pacific region by at least two years, and many countries will find it harder to escape poverty. Wednesday.

Proportion of the region’s population facing extreme poverty—defined as the population living on less than $1—if the pandemic had not occurred. 90 a day – could have dropped to 2.9% in 19 instead of rising to 5%. 2021 this figure is 3.8% and is expected to be 3% this year.

Extreme poverty is expected to fall below 1 percent by 2020, the Manila-based bank said in a report.

At least 20% of the population of developing Asia in 2021 is in extreme or moderate poverty. That could be halved if governments focus on resilience, innovation and inclusion to provide more balanced economic opportunity and greater social mobility, the ADB said.

” COVID-19 has hit the poor and vulnerable hardest, and as the economy recovers, many may find it easier to escape poverty than It was more difficult before,” said ADB chief economist Albert Park.

Uncertainties, such as the full impact of learning loss, challenge opportunities for the poor to move to higher economic levels, ADB said.

In terms of GDP growth, only about half of the region’s economies have recovered to pre-pandemic levels, and due to the new crown epidemic, Economic recovery remains shaky – 19 Variation and global economic uncertainty caused by Russia’s invasion of Ukraine, ADB says.

Certain risks have become more severe since the pandemic began, including uncertainty, worsening mental health, extreme weather, cybersecurity glitches and infectious diseases, the employment report said.



Please enter your comment!
Please enter your name here


Featured NEWS