Virus hits poverty reduction progress in Asia-Pacific: UN

The United Nations said the pandemic erased years of progress in poverty reduction in the Asia-Pacific region.

The Economic and Social Survey of Asia and the Pacific 2021, released by the UN Economic and Social Council, suggested the region needs large yet attainable investments in resilience to protect development gains amid a inequitable and fragile post-Covid-19 economic recovery.

The survey forecasts Asia-Pacific economies are expected to grow by 5.9 percent in 2021 and five percent in 2022 after experiencing a contraction of one percent in 2020.

The survey estimates an additional 89 million people in the region were pushed back into extreme poverty in 2020, erasing years of progress in poverty reduction.

Working-hour losses in 2020 equaled 140 million full-time jobs, adding severe disruptions of economic activity and education are likely to have caused a significant setback to human capital accumulation and productivity.

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