ADB study reveals COVID-19 pushed 80 Million Asian people towards severe poverty

As per new research issued by the Asian Development Bank (ADB) on Tuesday, the coronavirus outbreak has driven approximately more than 75 million to 80 million people in developing Asia towards severe poverty, as of last year. The outbreak is jeopardising the advancement of Asia and the Pacific towards the crucial Sustainable Development Goals (SDGs) objectives, as per the study named 'Key Indicators for Asia and the Pacific 2021'. 

More about the crisis in developing Asia

It is presumed that the pandemic has exacerbated inequality, which led to severe poverty. As per sources, people are surviving on less than $1.90 a day or maybe a little more than the mentioned amount. Development has also halted in some sectors like hunger, healthcare, and education, where there was some considerable progress. 

The extensive statistics of economic, financial, social, and environmental for the ADB's 49 regional members have been presented in Key Indicators. As per the study, almost 203 million individuals, or 5.2% of the population in developing Asia, resided in severe poverty in the year 2017. This percentage would have dropped to around 2.6% by 2020 had people not witnessed the COVID pandemic. 

According to ANI, Chief Economist of ADB, Yasuyuki Sawada said, “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." 

He further said that the decision-makers, in order to meet the Sustainable Development Goals set for 2030, must use high-quality, adequate information as a roadmap for initiatives to guarantee that no one is left behind, particularly the underprivileged and vulnerable.

Asia and the Pacific's economic situation has developed at a rapid speed over the recent years, contributing up to 35% of global Gross Domestic Product (GDP) in 2019. On the other hand, COVID-19 has put a strain on things when the domestic investment was weakening and global commerce and economic activities were declining. 

Due to mobility limitations, the region lost roughly 8% of the work time, which has disproportionately affected poverty-stricken households and employees in the informal sector of the economy. As per the Key Indicators study, a unique supplement was introduced in a realistic methodology for assessing the digital economy and its rising importance in modern society. It further said that this was highlighted during the COVID-19 outbreak. 

(Image Credit: AP)