Inflation, COVID plunges 68 million into poverty in Asia
The health and cost-of-living crises has disproportionately affected the poor and women in developing Asia, hurting their chances of long-term improvement.
Higher inflation coupled with the COVID-19 pandemic pushed nearly 68 million people in Asia into extreme poverty as of last year, according to a report published by the Asian Development Bank (ADB).
An estimated 155.2 million people in developing Asia, which is 3.9% of the region's population, lived in extreme poverty as of last year. This figure was 67.8 million higher than what it would have been without the pandemic and cost-of-living crises, the report said Thursday.
Extreme poverty, based on 2017 prices adjusted for inflation, is defined as living on less than $2.15 (€1.98) a day. Both the pandemic and growing geopolitical tensions have disrupted supply lines in the last few years leading to higher inflation across the world.
While Asia and the Pacific are steadily recovering, the dual crises is "undermining progress toward eliminating poverty," said ADB Chief Economist Albert Park.
"By strengthening social safety nets for the poor and fostering investment and innovation that creates opportunities for growth and employment, governments in the region can get back on track."
In 2021, ADB estimated that the pandemic had pushed an additional 80 million people into extreme poverty as of the previous year, when compared to pre-pandemic projections.
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