Covid-19: Pandemic pushed 80 mn more Asians into extreme poverty, says ADB
New Delhi: The Asian Development Bank (ADB) said on Tuesday that the coronavirus disease, that triggered Covid-19, has pushed an estimated 75 million to 80 million more people in developing Asia into extreme poverty as of 2020 compared with what would have happened without the pandemic.
According to a new ADB report, “Key Indicators for Asia and the Pacific 2021”, the pandemic is threatening Asia and the Pacific’s progress toward critical targets under the Sustainable Development Goals (SDGs).
Assuming that the pandemic has increased inequality, the relative rise in extreme poverty– defined as living on less than USD 1.90 (Indian Rs.140.90) a day, maybe even greater. Progress has also stalled in areas such as hunger, health, and education where earlier achievements across the region had been significant, albeit uneven.
Key indicators present comprehensive economic, financial, social, and environmental statistics for ADB’s 49 regional members.
The report said about 203 million people or 5.2 percent of developing Asia’s population lived in extreme poverty as of 2017. Without Covid-19, that number would have declined to an estimated 2.6 percent in 2020.
“Asia and the Pacific have made impressive strides, but Covid-19 has revealed social and economic fault lines that may weaken the region’s sustainable and inclusive development,” said ADB Chief Economist Yasuyuki Sawada.
“To achieve the 2030 Sustainable Development Goals, decision-makers need to harness high-quality and timely data as a guide for actions to ensure that the recovery leaves no one behind — especially the poor and vulnerable.”
Asia and the Pacific’s economy has grown at a robust pace in recent years and contributed as much as 35 percent to global gross domestic product (GDP) in current US dollars in 2019. But Covid-19 took a toll just when weaker domestic investment and slowing global trade and economic activity were starting to challenge this momentum.
Among reporting economies in Asia and the Pacific, only about one in four posted GDP growth last year. The region lost about 8 percent of work hours due to mobility restrictions, deeply affecting poorer households and workers in the informal economy.
The key indicators report includes a special supplement introducing a practical framework for measuring the digital economy and its growing role in modern life, which has been particularly evident during the pandemic.
(VP)
