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  HOME | Business & Economy (Click here for more)

ADB Says Asia Pacific Reduced Poverty, Increased Contribution to Global GDP

BANGKOK – The contribution of the Asia-Pacific region to global GDP rose to 42.6%, the Asian Development Bank said in a report on Monday, adding that the region also achieved its Sustainable Development Goals in poverty eradication.

The GDP at Purchasing Power Parity of the 48 regional members of ADB, including China, Japan, Hong Kong, Pakistan and Australia, increased from 30.1% in 2000 to 42.6% in 2017, as the economies shifted their dependence on agriculture to industry and services.

Poverty in rural China declined from 49.8% in 2000 to 4.5% in 2016, while the GDP at Purchasing Power Parity reached $23.3 trillion and the GDP per capita (at PPP) stood at $16,762, the report added.

The GDP per capita (at purchasing power parity) in the region varied from $2,114 on the Solomon Islands to $93,905 in Singapore, and averaged at $13,175.

However, despite a drastic fall across the region, poverty still affects 54.5% of Afghans, 41.8% of the Timorese, 32.1% of the Burmese, 24.3% of the Bangladeshis and 21.9% of Indians.

“Statistics clearly show that Asia and the Pacific continues to make solid progress in reducing poverty, improving its social and physical infrastructure, and increasing its participation in global production networks,” said ADB Chief Economist Yasuyuki Sawada in a statement.

Sawada said the report also identified areas where the governments need to step up efforts to achieve the SDGs, 17 global goals – including in health, education, access to drinking water, decent work, climate action and justice – set by the United Nations to be fulfilled by 2030.

 

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