ADB: Coronavirus delays achievement of poverty reduction targets in Asia

The Asian Development Bank (ADB) has announced that the COVID-19 crisis will put poverty reduction in the Asia-Pacific region on hold for at least two years and could put the region in an even more difficult position to lift itself out of poverty.

ADB’s Key Indicators for Asia and the Pacific 2022 states that this year’s economic growth in the Asia-Pacific region is likely to reduce severe poverty to levels that could be achieved in 2020 in the absence of the Covid 19 epidemic.

The definition of extreme poverty here refers to people who earn less than $1.90 a day.

ADB also notes that the COVID-19 epidemic is hindering the trend toward poverty reduction in the Asia-Pacific region. Most of them resulted in significant job losses and limited access to social safety nets.

The ADB has warned that the Asia-Pacific region could face delays in achieving the Sustainable Development Goals, meaning that the region will face inevitable delays in reducing poverty, social inequality, and improving social dynamics.

The ADB forecasts that by 2030, severe poverty in the Asia-Pacific region will fall below 1%. Approximately 25% of the population is at least likely to achieve the goal of ascent into the middle class.

The ADB said the trend could be affected by a variety of social forces and other uncertainties, such as the possibility of stagflation, disputes among world powers, and a sharper rise in food and energy prices.

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