Asia increasing strong contribution to global economy: ADB report

MANILA, Philippines: The Asian Development Bank (ADB) in its latest report stated that the Asia and Pacific region is increasing its strong contribution to the global economy and to the pursuit of the SDGs.

The Asian Development Bank (ADB) released its 50th edition of the annual statistical report entitled ‘Key Indicators for Asia and the Pacific 2019’ and an online database, ‘Key Indicators Database’ on Tuesday (today).

According to the press release, the data showed a reduction in the number of people living in extreme poverty in Asia and the Pacific declining from 1.1 billion in 2002 to 264 million in 2015.

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The region’s share of global gross domestic product (in current United States dollars) surpassed one third in 2018 while its role in global value production chains and as a destination for higher-value products is also expanding.

In 2000, Asia generated 23.0 per cent of the income from the production of world exports, which has increased to 30.2 per cent by 2018.

ADB Chief Economist Mr Yasuyuki Sawada said, “Key Indicators 2019 shows that the Asia and Pacific region is increasing its strong contribution to the global economy and to the pursuit of the SDGs. As the region makes progress to reach the SDGs, timely, reliable, and granular data remain crucial for formulating, implementing, and monitoring policies and progress.”