Significant increase in poverty in developing Asian countries
According to a report by Asian Development Bank, more than 155 million people in region were living in extreme poverty in 2022
MANDALUYONG, Philippines – The COVID -19 pandemic and the rising cost of living have led to a significant increase in poverty in developing Asian countries.
According to a report by the Asian Development Bank (ADB), more than 155 million people in the region were living in extreme poverty in 2022.
They had to get by on less than $2.15 per day.
This represents an increase of 67.8 million people compared to a scenario without a pandemic.
The ADB had previously estimated that around 75-80 million people in Asia fell into extreme poverty as a result of the pandemic in the previous year.
The ADB projects that despite ongoing poverty reduction efforts, by 2030, about 30.3% of the region’s population, or about 1.26 billion people, could be living on $3.65 to $6.85 per day.
To address this challenge, the ADB recommends that the governments of Asia’s 46 developing countries take several actions.
These include strengthening social programs, improving access to financial services, investing in infrastructure and promoting technological innovation.
ADB Chief Economist Albert Park stressed that while Asia and the Pacific are recovering from the pandemic, the rising cost of living is hampering progress in poverty reduction.
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