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Poverty In East Asia

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It has been proved in the last 25 years that global efforts towards the goal of reducing poverty levels have paid off, especially in the developing world: According to the World Bank, about 70% of the developing world was living under $2 per day in 1981, and this rate fell to just over 36% in 2011. Poverty fell even in absolute numbers: the World Bank estimates that in 1981, 2.6 billion people in the developing world were living on under $2 per day. By 2011, that number fell to about 2.2 billion, while the world population grew from about 4.5 billion to about 7 billion. Poverty rates started to collapse towards the end of the 20th century largely because developing-country growth accelerated, from an average annual rate of 43% in 1960- 2000 …show more content…

Likewise, as a result of the overall improvements in labor market performance and the reduction in inequality, poverty has fallen dramatically in LAC during the past decade. This was a result of a growth phase driven partly by the strong demand for the region’s minerals and agricultural exports and an associated rise in international commodity prices and an increase in domestic demand. Similarly, most of the fall in extreme poverty in East Asia came from the astonishing rise of the Chinese economy over the last three …show more content…

As the insatiable demand for resources of China and other emerging economies seems to be slowing as a result of the efforts to rebalance the Chinese economy, growth momentum appears to come to a standstill. Chinese market has been changing, as the country has less need for more infrastructure, and thus for iron ore, steel, copper etc. The Chinese have also been moving to a model in which they create more manufactured goods from scratch, rather than assemble parts made elsewhere. This may be an explanation of the weakening of other Asian exports. This situation may lead to equally negative consequences for the poverty rates of developing countries whose growth has thrived in the shadow of China’s great but waning demand for raw materials. Likewise, the recent slowdown in the Latin-American economy is due to a number of factors, mainly weak global aggregate demand lead by China and falling commodity prices. The decline in economic growth is also partially a reflection of low productivity growth, which has afflicted the region for some time. The slow productivity is result of still high rates of informal employment, inadequate investment in infrastructure, and an export base that is concentrated in primary sectors such as commodities and agricultural

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