Poverty rate in Asia

THE impact of volatile and rising costs associated with food insecurity and the adverse effects of rising inequality on the poor across much of Asia are some elements affecting Asia’s poor.

And according to the Asian Development Bank’s key indicators for 2014, the region’s increasing vulnerability to natural disasters, climate change, economic crises and other shocks were also important factors.

“The extreme poverty rate declined from 54.7 per cent in 1990 to 20.8 per cent in 2010, benefiting 745 million Asians,” it said in its special chapter on poverty in Asia.

“The drop in extreme poverty has varied by Asian subregion.

“It has been particularly impressive in East Asia where the poverty rate fell by 48.6 percentage points, largely driven by the People’s Republic of China followed by Central and West Asia, Southeast Asia, South Asia and the Pacific.

“If these trends continue, Asia’s $US1.25 poverty rate would decline to 5.8 per cent in 2020 and 1.4 per cent in 2030.”

The bank said this meant extreme poverty could be eradicated below 3 per cent poverty rate in 2025.

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