Asia lacks protection from economic shocks, disasters<\/p>\n
MANILA (AP): Asian countries could see economic growth and
\npolitical stability undermined by their failure to develop
\nprograms to shield the poor from economic and natural disasters,
\nAsian Development Bank officials said on Thursday.<\/p>\n
"The region does not have adequate protection systems to
\nreduce the impact of shocks on its population," said Karti
\nSandilya, manager of ADB's poverty reduction office.<\/p>\n
"As a result, risks will continue to have devastating
\nimplications for poverty, inequality and the prospects of long-
\nterm growth," he said.<\/p>\n
Sandilya and other ADB officials spoke at a news conference at
\nthe end of a four-day regional conference on poverty hosted by
\nthe Manila-based bank.<\/p>\n
The Asia-Pacific region is home to close to 900 million people
\n- two-third's of the world's poor - who live on less than a
\ndollar a day. The ADB has made the war against poverty its top
\nconcern.<\/p>\n
A financial crisis in 1997 ravaged many Asian economies,
\nswelling the ranks of the poor and exposing them to further
\nsuffering.<\/p>\n
Despite that, many Asian countries have failed to set up
\nadequate social protection programs, partly because of limited
\nfunds, although financial shocks, poverty and joblessness remain
\na threat. Natural disasters also happen frequently, said ADB
\neconomist Isabel Ortiz.<\/p>\n
One concern is that about 40 percent of the region's people
\nare under age 19 and many face joblessness unless sufficient
\neconomic activity is generated, Sandilya said.<\/p>\n
The ADB said it is finalizing a social protection strategy to
\nreduce risks for the most vulnerable, including the unemployed,
\nwomen, children, the elderly and disaster victims.<\/p>\n
Ortiz said the proposed strategy, which could be finalized
\nlater this year, would help countries develop effective programs
\nto cushion the risks of unemployment, health problems and
\ndisability. Help in setting up social funds and preparing for
\ndisasters also would be provided.<\/p>\n
Despite many challenges, it appears Asia can halve extreme
\npoverty by its target year of 2015, Sandilya said. About 28
\npercent of the people in East Asia, for example, were considered
\npoor in 1990, but that was cut to 15 percent in 1998, with
\nprojections for 4 percent by 2008, Sandilya said.<\/p>\n
Progress in South Asia is slower but is also on track, he
\nsaid. About 44 percent of South Asian people were poor in 1990.
\nThe region was able to reduce that by 4 percentage points by
\n1998, with another cut of 14 percentage points projected by 2008,
\naccording to Sandilya.<\/p>\n
An international target of halving poverty worldwide by 2015
\nis unreachable if Asia cannot solve its poverty problems, ADB
\nofficials said.<\/p>",
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