Key Indicators for Asia and the Pacific 2021: ADB

• 26 Aug 2021

Why in News

Recently, Asian Development Bank (ADB) released a report titled as the Key Indicators for Asia and the Pacific 2021.

• The report demonstrated that the region made substantial progress in the last two decades with respect to several development targets.
• It presents comprehensive economic, financial, social and environmental statistics for ADB’s 49 regional members.

Asian Development Bank

• About:
  
  • It is a regional development bank established in 1966. It has 68 members. India is a founding member.
    
    • 49 are from within Asia and the Pacific and 19 outside.
  • As of 31^st 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%).
• Aim:
  
  • To promote social and economic development in Asia and the Pacific.
• Headquarters:
  
  • Manila, Philippines.

Key Points

• 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.
• Contribution to Global GDP:
  
  • 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.
• Household Income:
  
  • A significant 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%.
• Unemployment:
  
  • 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 were disrupted, many workers lost their jobs, leading to higher unemployment and underemployment rates.
• 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.
• Sustainable Development:
  
  • The pandemic is threatening Asia-Pacific’s progress toward critical targets under the United Nations-mandated Sustainable Development Goals (SDG).
• Children Related Data:
  
  • The prevalence of undernourishment decreased from more than 521 million people in 2001 to 316 million in 2019.
  • Almost all learners in the region were affected by closure of schools during the Covid-19 pandemic.
  • Despite efforts to continue school activities through remote learning, poorer students suffered greater disruption to their education during the pandemic.

Way Forward

• Asia and the Pacific has made impressive strides, but Covid-19 has revealed social and economic fault lines that may weaken the region's sustainable and inclusive development.
• To achieve the SDG of the United Nations’ 2030 Agenda for Sustainable Development, decision makers need to harness high-quality and timely data as a guide for actions to ensure that the recovery leaves no one behind – especially the poor and vulnerable.

Source: DTE