The World Bank said the East Asia and the Pacific region this year is projected to grow by only 0.9 per cent, the lowest rate since 1967. Photo: Reuters
CNBC: East Asia poverty could rise for first time in 20 years due to the pandemic, World Bank says
* The number of people living in poverty in developing East Asian and Pacific countries could increase for the first time in 20 years, a World Bank forecast showed on Monday.
* The bank said as many as 38 million more people could fall below below the poverty line this year, including 33 million who would have escaped poverty if the Covid-19 shock didn’t happen.
* World Bank defined the poverty line as income of $5.50 a day.
SINGAPORE — The number of people living in poverty in developing East Asian and Pacific countries could increase for the first time in 20 years, as the coronavirus pandemic erased much of this year’s economic growth, a World Bank forecast showed on Monday.
The bank defined the poverty line as income of $5.50 a day. It said as many as 38 million more people could fall below that income level this year, including 33 million who would have escaped poverty if not for the Covid-19 shock.
That World Bank forecast was published in an economic update for the region, which includes China, Southeast Asian countries and the Pacific Islands, such as Fiji and Samoa. The report doesn’t include India and other South Asian countries.
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