Much has been made of the rise of Asia and the subsequent arrival of an “Asian Century“, whereby the continent will become the dominant economic, cultural, and political force in the 21st century world. Setting aside the sheer diversity of this massive landmass — in terms of both culture and fortune — most Asian nations still face tremendous challenges, namely in the area of poverty reduction. Consider the following chart:
As The Economist goes on to note:
Asia’s rapid economic growth has put it on track to eradicate “extreme” poverty, defined by the World Bank as daily consumption of less than $1.25 per person, by 2030. However, the Asian Development Bank reckons this is too low given that nowadays, things like mobile phones are seen as necessities; so it has calculated a more suitable daily minimum of $1.51.
This lifts Asia’s 2010 poverty rate to nearly one-third of the population, adding 343m people to the ranks of the poor. The ADB believes food insecurity, and the risks of natural disasters, global economic shocks and the like, should also be taken into account when measuring poverty. This would further raise Asia’s 2010 poverty rate, to nearly 50 percent.
As with so many other parts of the world, Asia holds tremendous promise but faces daunting challenges. As the continent grows richer and more powerful, despite millions being left behind in squalor, it may be wracked by the same strife and instability that historically bedevils most unequal societies.