The Asian Development Bank has warned that the global economic malaise is creating a social crisis in Asia, with slower growth leaving millions more people than expected mired in poverty and malnutrition this year.
Rajat Nag, managing director of the ADB, said weak economic growth in Asia – estimated at 3-4 per cent this year – would leave 60m more people in poverty than would have been the case had the region maintained last year's pace of 6.5 per cent.
“This financial crisis for Asia is much more a social crisis than just an economic or a financial crisis,” Mr Nag told the Financial Times in an interview on the sidelines of a conference organized by the US-based Emerging Markets Forum.
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