Business World Online
The COVID-19 pandemic and rising living costs have had a devastating impact on poverty in Asia. Millions of people have been pushed into extreme poverty, and women and girls have been disproportionately affected.
According to a report by the Asian Development Bank (ADB), nearly 68 million people in Asia were pushed into extreme poverty in 2022 due to the pandemic and rising living costs. This is the first time in more than a decade that the number of people living in extreme poverty in the region has increased.
The report attributed the increase in extreme poverty to two main factors: the COVID-19 pandemic and rising living costs. The pandemic led to job losses and business closures, which pushed many people into poverty. Rising living costs, driven by factors such as supply chain disruptions and the war in Ukraine, also made it more difficult for people to afford basic necessities.
The report warned that the increase in extreme poverty in Asia could have a number of negative consequences, including increased social unrest and political instability. It called for urgent action to address the issue, including measures to support businesses and create jobs, as well as to provide social safety nets to protect the most vulnerable.
The report also found that the COVID-19 pandemic and rising living costs have had a disproportionate impact on women and girls. Women are more likely to be employed in informal sectors, which were hit hard by the pandemic, and they are also more likely to bear the brunt of rising living costs.
The report called for specific measures to address the impact of the crisis on women and girls, such as increasing access to education and employment opportunities, and providing social protection benefits.
