News / Asia

UN ESCAP Chief: Asia's Economic Recovery Fragile

People try to grab onions being sold by a political party at cheap rates as a mark of protest against the rising prices in Mumbai, India, January 9, 2011 (file photo)
People try to grab onions being sold by a political party at cheap rates as a mark of protest against the rising prices in Mumbai, India, January 9, 2011 (file photo)

The United Nations Economic and Social Commission for Asia and the Pacific warns economic recovery remains fragile because of uncertainties of rising food and oil prices. U.N. Regional Executive Secretary Noeleen Heyzer said governments need to pay attention to the needs of low-income groups, as rising costs push more people into poverty.

Heyzer is warning that rising inflation across Asia already has led to more than 40 million people falling into poverty this year.

Across Asia and the Pacific, more than 600 million people live below the poverty line of less than $1.25 a day.

Higher prices for food and oil, as well as other "external shocks" - such as volatile capital flows from the uncertainties in the Middle East - are undermining economic confidence in Asia Pacific.

"The recovery is fragile and it is uneven, and what we need to do is to make sure that we develop a strategy on how to sustain the recovery and to ensure that recovery is more inclusive," said Heyzer.

Heyzer’s warnings come amid reports by the U.N. Food and Agriculture Organization and World Bank of rising global food prices, with global cereal stocks expected to fall sharply in the current year. She said the region needs to prepare for the impact of new economic shocks.

"External shocks, multiple shocks from food, fuel and finance," said Heyzer. "Even when you look at what is happening in the Middle East - because of the uprising - many of the migrant workers are being sent back and most of them to joblessness, and families dependent on remittance income would fall into poverty."

The International Office of Migration said that since February 20, more than 210,000 migrants have fled the unrest in Libya, most of them natives of Bangladesh.

Heyzer said that along with inflation, capital asset "bubbles" have appeared because of the "money flight" from the Middle East. In markets such as China and Thailand, governments have moved to curb lending and raise interest rates, in a bid to dampen price inflation in areas such as the property market.

She said governments need to ensure recovery is as broad as possible, calling on governments to "rebalance" development strategies with projects designed to reduce poverty.

Heyzer said governments need to give more attention to the needs of lower-income groups and lift investment in social development projects, such as the health sector.

You May Like

Video Miami Cubans Divided on New US Policy

While older, more conservative Cuban Americans have promoted anti-Castro political movement for years, younger generations say economically, it is time for change More

2014 Sees Dramatic Uptick in Boko Haram Abductions

Militants suspected in latest mass kidnapping of over 100 people in Gumsuri, Nigeria on Sunday More

Video Cuba Deal Is Major Victory for Pope

Role of Francis hailed throughout US, Latin America - though some Cuban-American Catholics have mixed feelings More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Sudan School Becomes Target of Aerial Attacksi
X
December 19, 2014 12:45 AM
The school dropout rate is at an all-time high in Sudan's South Kordofan state because many schools have been destroyed during the three-year civil war between the government and SPLA-N rebel forces. Adam Bailes visited Sudan's Nuba Mountains' region and reports many children are simply too scared to go to school
Video

Video Sudan School Becomes Target of Aerial Attacks

The school dropout rate is at an all-time high in Sudan's South Kordofan state because many schools have been destroyed during the three-year civil war between the government and SPLA-N rebel forces. Adam Bailes visited Sudan's Nuba Mountains' region and reports many children are simply too scared to go to school
Video

Video VOA Reporter Tours Devastated Peshawar School

Islamist militants wearing military uniforms and strapped with explosives attacked a military run school Tuesday in the northwestern Pakistani city of Peshawar. At least 141 people were killed in the horrific attack, most of them young students. VOA reporter Ayaz Gul visited the devastated school and attended the funeral of the principal who courageously tried to save her students from the deadly attack.
Video

Video Nigerians Fleeing Boko Haram Languish in Camp Near Capital

In its five-year effort to impose Islamic law in northeastern Nigeria, the Boko Haram extremist group has killed thousands of people and forced hundreds of thousands to flee. Some of those who ran for their lives now live in squalor on the edges of the capital, Abuja. Chris Stein reports for VOA.
Video

Video Putin Says Russian Economy Will Emerge Stronger

Russian President Vladimir Putin has said his country's sinking economy will not only recover but also become stronger, despite falling oil prices and Western sanctions over Ukraine. VOA's Daniel Schearf reports.
Video

Video Detained Turkish Journalists Follow Teachings of US-Based Preacher

The Turkish government’s jailing of critical journalists has sparked international condemnation and is being seen as an effort to undermine the followers of an ailing Turkish preacher based in the United States. VOA religion reporter Jerome Socolovsky has more.
Video

Video ‘Anti-Islamization’ Marches Increase Tensions In Germany

Anti-immigrant rallies in Germany have been building in recent weeks, peaking Monday night in the city of Dresden where tens of thousands of people turned out to demonstrate against what they call the ‘Islamization’ of the West. Germany has offered asylum to more Syrian refugees than any other country, and this appears to have set off the protests. Henry Ridgwell reports from London.
Video

Video Aceh Rebuilt Decade After Tsunami, But Scars Remain

On December 26, 2004 there was an earthquake in the Indian Ocean so powerful it caused the Earth’s axis to wobble a few centimeters. Onshore on the island of Sumatra, the resulting tsunami was devastating. A decade later, VOA Correspondent Steve Herman reports from Banda Aceh, Indonesia, where although there is little remaining evidence of the physical devastation, the psychological scars among survivors remain.
Video

Video Refugees Living in Kenya Long for Peace in the Home Countries

Kenya is host to numerous refugees seeking safe haven from conflict. Immigrants from Somalia face challenges in their new lives in Kenya. Ahead of International Migrants Day (December 18) Lenny Ruvaga has more for VOA News from the Kenyan capital.

All About America

AppleAndroid