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LATEST NEWS UPDATES | 'Rapid growth leaving millions behind in Asia'

'Rapid growth leaving millions behind in Asia'

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published Published on Apr 13, 2012   modified Modified on Apr 13, 2012
-The Business Standard

About 240 million more people in Asia, or 6.5 per cent of the population, could have been lifted out of poverty, had inequality not widened over the past 20 years, roughly the era coinciding with economic reforms in India, the Asian Development Bank (ADB) said in a report released on Wednesday.

“Asia’s rapid growth is leaving millions behind, causing a widening gap between the rich and the poor that threatens to undermine the region’s stability,” it said.

Blaming inequalities in Asia to technological progress, globalisation and market-oriented reforms during 1990-2010, the report cautioned these forces should not be shunned or obstructed, as these would affect both productivity and growth.
 
Rather, “policy makers should confront the rising inequality through efficient interventions that equalise opportunity and reduce inequality in three areas: efficient fiscal measures that reduce inequality in human capital, policies that work towards more and high-quality jobs and interventions that narrow spatial inequality,” the report said, adding the richest one per cent of households in Asia accounted for six-eight per cent of the total income. Close to 20 per cent of the total income went to the wealthiest five per cent in most countries.

In India, the poverty headcount would have been reduced to 29.5 per cent in 2008, instead of 32.7 per cent, had inequalities remained at 1990 levels, while in China, extreme poverty would have declined to 4.9 per cent, instead of 13.1 per cent, the report said.

The Business Standard, 12 April, 2012, http://business-standard.com/india/news/rapid-growth-leaving-millions-behind-in-asia/471034/


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