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Escaping poverty harder in Asia Pacific despite economic recovery: ADB

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<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Pedicab driver, Jesus de Luna, plies his route in his community at the Baseco Compound in Port Area Manila on September 17, 2020. Jonathan Cellona, ABS-CBN News" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/news/08/24/20201005-pandemic-trash-draft-jc-1970.jpg"/><figcaption>Pedicab driver, Jesus de Luna, plies his route in his community at the Baseco Compound in Port Area Manila on September 17, 2020. <em>Jonathan Cellona, ABS-CBN News</em></figcaption></figure></div><p>MANILA - The COVID-19 pandemic set back Asia and the Pacific&#x27;s fight against poverty by at least 2 years and made it harder for the vulnerable to escape poverty, the Asian Development Bank said in a study released Wednesday.</p><p>This year&#x27;s economic growth is expected to reduce extreme poverty but in a level that could have been achieved in 2020 &quot;had the pandemic not happened,&quot; according to the ADB&#x27;s Key Indicators for Asia and the Pacific 2022.</p><p>The ADB defined extreme poverty as living off less than $1.90 a day.</p><p>Many in the region may find it harder to escape poverty, or those with already low levels of social mobility before COVID-19. These vulnerable individuals are seen to experience longer-lasting setbacks, the ADB said. </p><p>It has also worsened other poverty issues including food insecurity, poor access to health services as well as education, the Manila-based lender said. </p><p>“The poor and the vulnerable have been hit hardest by COVID-19, and while economies are recovering, many people may find that getting out of poverty is even more difficult than before,” said ADB Chief Economist Albert Park. </p><p>“Governments in the region should focus on resilience, innovation, and inclusiveness to provide more balanced economic opportunities and greater social mobility for everyone,&quot; Park added.</p><p>In the Philippines, the pandemic delayed its ambitions to reach an upper-middle-income country which was initially eyed to be achieved in <a href="https://news.abs-cbn.com/business/02/11/22/ph-on-track-to-become-upper-middle-income-country-in-2022">2022</a>. COVID-19 has also impacted gains in poverty reduction. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/12/22/ph-might-not-become-upper-middle-income-country-in-2022-chua">PH &#x27;might not&#x27; become upper-middle-income country this year: Chua</a></li>	<li><a href="https://news.abs-cbn.com/business/07/26/22/philippines-can-become-upper-middle-income-country-by-2024-balisacan">Philippines can become upper-middle-income country by 2024: NEDA chief</a></li></ul><p>In the recent report by the Philippine Statistics Authority, there were <a href="https://news.abs-cbn.com/business/08/15/22/1999-million-filipinos-poor-in-2021-as-poverty-incidence-rises-psa">19.99 million poor Filipinos</a> as the poverty incidence rose to 18.1 percent in 2021 from 16.7 in 2018. </p><p>Extreme poverty in the region is expected to drop below 1 percent in 2030, while 25 percent of the population is projected to have achieved middle-class status or those with income or consumption of $15 or more per day, the ADB said.</p><p>But this outlook is threatened by differences in social mobility or the ability to escape poverty and other uncertainties, it added.</p><p>Stagflation, global headwinds, food insecurity and energy price shocks are also among the challenges that could affect developing Asia, the ADB said. </p><p>President Ferdinand Bongbong Marcos Jr and his economic managers have said that part of the administration&#x27;s agenda is to reduce the poverty incidence to single digit by 2028.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/06/06/22/diokno-eyes-reduced-poverty-rate-higher-credit-rating">Incoming finance chief Diokno eyes single-digit poverty rate, credit rating raised to A</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2065679" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

The COVID-19 pandemic set back Asia and the Pacific's fight against poverty by at least 2 years and made it harder for the vulnerable to escape poverty, the Asian Development Bank said in a study released Wednesday.