(VOVWORLD) - The COVID-19 pandemic has set back the fight against poverty in the Asia-Pacific region by at least 2 years, and many in the region will likely find it harder than before to escape poverty, according to a report from the Asian Development Bank (ADB).
The COVID-19 crisis interrupted a long trend of poverty reduction in the region.
By 2030, the rate of extreme poverty in the region is expected to drop below 1%, the ADB report said. At the same time, about 25% of the population is projected to achieve at least middle-class status, adjusted for purchasing power parity.
However, this outlook is threatened by differences in social mobility and other uncertainties. Developing Asia faces potential stagflation, ongoing conflicts involving key global actors, increased food insecurity, and energy price shocks, according to the ADB.