Due to rising food prices, the Asian Development Bank is forecasting a surge in the number of people counted within the region’s severely impoverished class.
As many as 64 million people—most of whom spend more than half of their income on food alone—could soon find themselves facing conditions of extreme poverty, which the ADB defines as “the degree of poverty below which the minimal requirements for survival are not being met.” —ARK
The ADB has warned that the recent surge in food price is threatening to push millions of Asians into extreme poverty.
According to the bank’s study a 10% rise in domestic food prices may result in almost 64m people being pushed into extreme poverty.
According to the ADB’s chief economist, Changyong Rhee, “for poor families in developing Asia, who already spend more than 60% of their income on food, higher prices further reduce their ability to pay for medical care and their children’s education.”
“Left unchecked, the food crisis will badly undermine recent gains in poverty reduction made in Asia,” he added.