WASHINGTON — Poverty's decline in Asia reportedly world's fastest
WASHINGTON -- Poverty has declined faster in Asia than anywhere in the world thanks to strong economic growth, but nearly 1 billion people from Mongolia to India still live on less than $1 a day, a new report says.
Poverty has been largely eradicated in the four Asian "tiger" economies of Hong Kong, South Korea, Singapore and Taiwan and has sharply declined in Indonesia and Thailand, the World Bank report said.
"This decline in poverty is probably completely unprecedented in human history," said Michael Walton, who helped edit the report. "In the mid-1970s, six out of 10 households in east Asia lived in absolute poverty. In the mid-1990s that [figure] has declined to two out of 10."
Pub Date: 8/27/97