4.7 million Southeast Asians are in extreme poverty due to COVID-19
The poverty reduction plan has been turned upside down due to the epidemic. Photo: Reuters
Information from a new report published by the Asian Development Bank (ADB) on March 16.
According to the Manila-based ADB (Philippines), despite more positive forecasts for the economy this year, the economic situation in Southeast Asia remains fragile and many households’ incomes continue to decline. .
COVID-19 has caused widespread unemployment, exacerbated inequality and increased poverty levels, especially among women, young workers and the elderly in the region. Southeast Asia.
ADB recommends that countries in the region pursue structural reforms to improve competitiveness such as simplifying business procedures, reducing trade barriers, and encouraging small businesses to adopt new technologies. new.
According to the ADB, governments should also remain vigilant in reducing deficits and public debt, and modernize to improve the efficiency of the tax sector.
However, the ADB report also pointed out that the region still faces many challenges such as the emergence of new variants of the SARS-CoV-2 virus that causes COVID-19, tightening global interest rates, supply chain disruptions, higher commodity prices and inflation.
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