From the Asian Development Bank
The Global Economic Crisis
Implications for Asia-Pacific and ADB
The Economic Slowdown Increases Poverty in Asia and Pacific
ADB estimates that the projected GDP decline in the region will result in
2009 with 62.3 million more very poor ($1.25) and 81.5 million $2 poor
people in Asia and Pacific compared to a scenario when the high growth
rates of 2007 would have continued. The respective figures for 2010 would
be 99.9 million very poor and 131.3 million vulnerable poor people. The food
price crisis of 2008, which is not yet really over in its structural
dimension, may further aggravate the situation.
Read the report with the Poverty
Scenarios
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Asian Development Outlook 2009:
Rebalancing Asia's Growth
The global economy is in the grip of a major downturn, dimming the outlook
for growth around the world, including Asia. Coming straight after the food and
fuel price shock in 2008, the financial crisis could also significantly set back
the fight against poverty.
ADB forecasts for 2009 that GDP growth will be 3 percentage points lower than
in 2007 and 1 percentage point lower than in 2008. Each 1 percent drop in growth
could trap another 21 million in poverty. Learn more in AEM 2008 and
Special
Note: Developing Asia's Prospects.
These complex economic challenges require coordinated action at the global,
regional, and country levels...
The global financial crisis of 2008/2009 presents developing Asia with
its most difficult economic challenges in the last half century. Today’s
crisis is broader, deeper, and more complex than the Asian financial
crisis of 1997-1998. Impacts are on the financial systems, the real
economy and on social development and people.
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