Development in Asia and the Pacific 2021 - ADB report

The emerging social situation in Asia Pacific region, as per the ADB

Development in Asia and the Pacific 2021 - ADB report

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Read more on - Polity | Economy | Schemes | S&T | Environment

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• The story: The Asian Development Bank (ADB) released a report titled "Key Indicators for Asia and the Pacific 2021", which showed the region made progress in the last two decades with respect to several development targets. It deals with the economic, financial, social and environmental statistics for ADB’s 49 regional members.
• Areas covered:

1. Poverty - The pandemic pushed 75-80 million people in the developing Asia-Pacific into extreme poverty in 2020. About 203 million people — 5.2% of developing Asia’s population — lived in extreme poverty as of 2017. Without Covid-19, that number would have declined to an estimated 2.6% in 2020.
2. Contribution to world output - Asia and the Pacific's economy has grown at a robust pace in recent years and contributed as much as 35% to global Gross Domestic Product (GDP) in current US dollars in 2019. But Covid-19 took a toll just when weaker domestic investment and slowing global trade and economic activity started to challenge this momentum.
3. Joblessness - As unemployment rates increased by at least 20% in 2020 due to the pandemic across the globe, the Asia-Pacific region lost an estimated 8% of working hours. As businesses got disrupted, many workers lost their jobs, leading to higher unemployment and underemployment rates.
4. Household income - A large number of households engaged in business were severely affected by the pandemic. Among households engaged in agriculture or relying on wages and salary, more than half reported an increase in income, no change or a decrease of less than 26%.
5. Labour Force Participation - From 2019 to 2020, labour force participation rates among women, on average, declined by 1.4%, while labour force participation rates among men declined by 0.8%. 71% of Asia-Pacific’s workforce is now in non-agricultural employment. From 2000-2019, the region’s non-agricultural employment rate grew to 71% from 52%, one of the fastest growth rates worldwide.
6. Sustainable Development - The pandemic is threatening Asia-Pacific’s progress toward critical targets under the United Nations-mandated Sustainable Development Goals (SDG).

• ADB: It is a regional development bank established in 1966, headquartered in Manila, the Philippines. It has 68 members. India is a founding member. As of 31st December 2019, ADB’s five largest shareholders are Japan and the United States (each with 15.6% of total shares), the People’s Republic of China (6.4%), India (6.3%), and Australia (5.8%).
• Summary: Asia and the Pacific region made impressive strides, but Covid-19 revealed several social and economic faultlines that may weaken the region's sustainable and inclusive development. From here on, if the region is serious about achieveing the UN Sustainable Development Goals (SDGs) for 2030, then it has to focus on the vulnerables.
• EXAM QUESTIONS: (1) Explain the reason achieving the UN SDG goals 2030 would be a challenge from here on, for many countries. (2) What are the three instant effects that Covid-19 has had on household income and affluence status in the world? List and explain.

Read more on - Polity | Economy | Schemes | S&T | Environment

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