COVID-19 pushes nearly 5 million in SE Asia into extreme poverty: ADB
The COVID-19 pandemic pushed 4.7 million people in Southeast Asia into extreme poverty in 2021, as 9.3 million jobs disappeared, according to a new Asian Development Bank (ADB) report revealed on March 16.
People wait for their turn to get vaccinated against COVID-19 in Bangkok (Illustrative photo: Xinhua/VNA)
Hanoi (VNA) - The COVID-19 pandemic pushed 4.7 million people in Southeast Asia into extreme poverty in 2021, as 9.3 million jobs disappeared, according to a new Asian Development Bank (ADB) report revealed on March 16.
Two years after the pandemic began, the report says growth prospects are brighter for economies and they are expected to expand 5.1 percent this year as nearly 60 percent of the population fully vaccinated against COVID-19, allowing the economies to reopen.
ADB President Asakawa Masatsugu said the pandemic has led to widespread unemployment, worsening inequality, and rising poverty levels, especially among women, younger workers, and the elderly in Southeast Asia.
Among the most affected are unskilled workers and those working in retail and the informal economy, as well as small businesses without a digital presence.
ADB encourages Southeast Asian governments to invest in smart, green infrastructure and adopt technological innovations to reinvigorate economic growth, he added.
The ADB report calls on Southeast Asian governments to allocate more resources to help health systems deliver care, improve disease surveillance, and respond to future pandemics.
Southeast Asia’s economic growth could rise 1.5 percentage points if health spending in the region reaches about 5 percent of gross domestic product (GDP), it predicts.
The report recommends that countries pursue structural reforms to boost competitiveness and productivity, including simplifying business procedures, reducing trade barriers, and encouraging small enterprises to adopt new technologies.
Governments should maintain fiscal prudence to reduce public deficits and debts and modernise tax administration to enhance efficiency and broaden the tax base.
Still, the region faces global headwinds, including emerging COVID-19 variants, the tightening of global interest rates, supply chain disruptions, and higher commodity prices and inflation, the report warned./.
The Asian Development Bank (ADB) has launched a project to make cross-border securities transactions in the Asia-Pacific region more efficient and secure through the use of blockchain technology.
The Asian Development Bank (ADB) announced on February 15 that it has approved a loan worth 95 million USD for Cambodia to purchase COVID-19 vaccines from 2022 to 2023.
The Asian Development Bank (ADB) has approved a 150 million USD loan which aimed at accelerating Indonesia’s economic recovery from the COVID-19 pandemic.
The Asian Development Bank (ADB) has signed a 15 million USD equity investment in New Forest’s Tropical Asia Forest Fund 2 (TAFF2) L.P. to support sustainable forestry practices in Southeast Asia and reduce logging in natural tropical forests by helping sustainably managed plantation companies to scale up their operations.
Total trade between Indonesia and New Zealand in the first half of 2025 reached 963.23 million USD, an increase of 21.56% compared to 792.39 million USD in the same period last year. Of this amount, Indonesia's exports to New Zealand totaled 374.89 million USD, while imports 588.35 million USD
Malaysia, as ASEAN 2025 Chair, marked the bloc’s 58th founding anniversary on August 8 with a vibrant celebration in Cyberjaya, blending an official ceremony with a colorful cultural festival.
Vietnam plays an important role in Southeast Asia’s economic growth and is a key partner of her country in realising the shared vision of a peaceful, stable, and prosperous region, said Robyn Mudie, First Assistant Secretary of Office of Southeast Asia (OSA) – Southeast Asia Regional and Mainland Division at Australia’s Department of Foreign Affairs and Trade (DFAT).
The 2025 ASEAN Business Community Development (ABCD) Forum, themed “Empowering ASEAN's Next Leap: Digital, Sustainable & Entrepreneurial Transformation” brought together ministers, CEOs, and top industry experts to discuss key regional economic priorities.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
People wait for their turn to get vaccinated against COVID-19 in Bangkok (Illustrative photo: Xinhua/VNA) 
