Pandemic, inflation push 68 million more in Asia into extreme poverty, Asian Development Bank says

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 Asian Development Bank said, eroding efforts to combat deprivation. Developing Asia consists of 46 economies in the Asia-Pacific and excludes Japan, Australia and New Zealand. "Asia and the Pacific is steadily recovering from the COVID-19 pandemic, but the increased cost-of-living crisis is undermining progress toward eliminating poverty," said ADB Chief Economist Albert Park. Developing Asia was on track to grow 4.8% this year from a year earlier, faster than the previous year's 4.2% expansion, the ADB said in July. But while economies in developing Asia were expected to make progress in addressing poverty, the ADB said 30.3% of the region's population, or about 1.26 billion people, will still be considered economically vulnerable by 2030.