The increased cost-of-living crisis is undermining progress towards eliminating hardship.
The ADB defines extreme poverty as living on less than US$2.15 a day based on inflation-adjusted 2017 prices.
The Manila-based lender defines extreme poverty as living on less than US$2.15 a day based on inflation-adjusted 2017 prices. The bank said an estimated 155.2 million people, or 3.9% of the region’s population, were living in extreme poverty in 2022 – 67.8 million more than would have been without the pandemic and higher living costs.
Poor people have been hurt the most by higher inflation as they are less able to pay higher prices for necessities, leaving many unable to save money, pay for healthcare or invest in education, the report said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Surging inflation, Covid push nearly 68m more into povertyMANILA: An increase in the cost of living due to surging inflation and the lingering effects of the Covid-19 pandemic have pushed nearly 68 million mo...
Read more »
Asian Development Bank: Pandemic, inflation push 68 million more in Asia into extreme povertyMANILA, Aug 24 — 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...
Read more »
Zimbabweans head to polls with inflation on their mindsMany are desperate for change after two decades of economic chaos.
Read more »
Euro zone service slump sharpens ECB’s rates dilemmaA sharp drop in business activity complicates efforts to control inflation without triggering a recession.
Read more »
Trump’s universal tariffs would stifle economy, fuel inflation, says White HouseDonald Trump and top economic advisers discussed enacting a universal baseline tariff on virtually all imports.
Read more »
Graft, inflation and unemployment topmost concerns among Malaysians, survey findsPETALING JAYA: Malaysians are most concerned about political or financial corruption in the post-pandemic economic recovery period, a survey has found.
Read more »