The coronavirus pandemic and rise in cost of living have pushed close to 70 million more people in developing Asia into extreme poverty as of last year, the Asian Development Bank said, eroding efforts to combat deprivation.
In a new report released on Thursday, the ADB said an estimated 155.2 million people in developing Asia, or 3.9% 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.
"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.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.
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