In Asia, Covid pandemic, inflation pushed 68 million more people into extreme poverty last year, says Asian Development Bank
- The Asian Development Bank said the pandemic and the rise in cost of living pushed 67.8 million more people in developing Asia into extreme poverty
- Extreme poverty is defined as living on less than US$2.15 a day, based on 2017 figures
In a new report released on Thursday, the ADB said an estimated 155.2 million people in developing Asia, or 3.9 per cent of the region’s population, lived in extreme poverty as of last year, 67.8 million more than would have been the case without the health and cost-of-living crises.
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“Asia and the Pacific is steadily recovering from the Covid-19 pandemic, but the increased cost-of-living crisis is undermining progress toward eliminating poverty,” said ADB Chief Economist Albert Park.
Extreme poverty is defined as living on less than US$2.15 a day, based on 2017 figures.
Inflation in most countries has soared to multi-year highs last year, driven by a rebound in economic activity and a surge in supply chain disruptions.
Price increases affected everyone, but: A poorer people were hit the hardest because they had to spend more on food and fuel, making it difficult for them to save money and pay for essentials including healthcare and education.