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)
TEXT SIZE - +

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 Pope Francis Hopes Dual Canonizations Will Reconcile Church

John the XXIII and John Paul II will be made saints in a ceremony at St. Peter’s Square on April 27 More

Thailand Reacts to Plots Targeting Israelis

Authorities hope arrest of two Lebanese suspects will disrupt plot to attack young Israeli tourists More

Video In Capturing Nature's Majesty, Film Makes Case for Its Survival

'Once Upon a Forest' takes viewers deep into heart of tropical rainforest 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.
Pope Francis Hopes Dual Canonizations Will Reconcile Churchi
|| 0:00:00
...
 
🔇
X
Jerome Socolovsky
April 22, 2014 4:14 PM
On April 27, two popes - John the XXIII and John Paul II - will be made saints in a ceremony at St. Peter’s Square. VOA religion correspondent Jerome Socolovsky says the dual canonization is part of the current pope’s program to reconcile liberals and conservatives in the Roman Catholic Church.
Video

Video Pope Francis Hopes Dual Canonizations Will Reconcile Church

On April 27, two popes - John the XXIII and John Paul II - will be made saints in a ceremony at St. Peter’s Square. VOA religion correspondent Jerome Socolovsky says the dual canonization is part of the current pope’s program to reconcile liberals and conservatives in the Roman Catholic Church.
Video

Video In Capturing Nature's Majesty, Film Makes Case for Its Survival

French filmmaker Luc Jacquet won worldwide acclaim for his 2005 Academy Award-winning documentary "March of the Penguins". Now Jacquet is back with a new film that takes movie-goers deep into the heart of a tropical rainforest - not only to celebrate its grandeur, but to make the case for its survival. VOA's Rosanne Skirble reports.
Video

Video Boston Marathon Bittersweet for Many Runners

Monday's running of the Boston Marathon was bittersweet for many of the 36,000 participants as they finished the run that was interrupted by a double bombing last year. Many gathered along the route paid respect to the four people killed as a result of two bombings near the finish line. VOA's Carolyn Presutti returned to Boston this year to follow two runners, forever changed because of the crimes.
Video

Video Pacific Rim Trade Deal Proves Elusive

With the U.S.-led war in Iraq ended and American military involvement in Afghanistan winding down, President Barack Obama has sought to pivot the country's foreign policy focus towards Asia. One aspect of that pivot is the negotiation of a free-trade agreement among 12 Pacific Rim nations. But as Obama leaves this week on a trip to four Asian countries he has found it very difficult to complete the trade pact. VOA's Ken Bredemeier has more from Washington.
Video

Video Robotic Mission Kicks Up Lunar Dust

A robotic mission to the moon was deliberately crashed onto the lunar surface late last week, but not before scientists had collected data gathered by the spacecraft which was designed to self-destruct. VOA's Rosanne Skirble reports on the preliminary findings of the craft, called LADEE - an acronym for Lunar Atmosphere and Dust Environment Explorer.
Video

Video Boko Haram Claims Responsibility for Bombing in Nigerian Capital

The Nigerian militant group known as Boko Haram has claimed responsibility for a bombing in the capital on April 14th that killed 75 people. In the video message, Abubakar Shekau, the man who says he ordered the bombing, says nothing about the mass abduction of more than 100 teenage girls, most of whom are still missing. Heather Murdock has more for VOA from Abuja.
Video

Video Ukraine Developments Hang Over Obama Trip to Asia

President Barack Obama's trip to Asia this week comes as concerns over Beijing's territorial ambitions are growing in the region. Those concerns have been compounded by Russia's recent actions in Ukraine and the possibility that Chinese strategists might be looking to Crimea as a model for its territorial disputes with its neighbors. VOA's Bill Ide has more from Beijing.
Video

Video Autistic Adults Face Housing, Job Challenges

Many parents of children with disabilities fear for the future of their adult child. It can be difficult to find services to help adults with disabilities - physical, mental or emotional - find work or live on their own. The mother of an autistic boy set up a foundation to advocate for the estimated 1.2 million American adults with autism, a developmental disorder that causes communication difficulties and often social difficulties. VOA's Faiza Elmasry reports.
AppleAndroid