According to the Asian Development Bank, the coronavirus epidemic and rising living expenses have undermined attempts to eradicate poverty by driving about 70 million more people in developing Asia into extreme poverty as of last year.
According to a recent analysis released on Thursday by the ADB, 3.9% of the population of developing Asia, or an estimated 155.2 million people, lived in extreme poverty as of last year, which is 67.8 million more people than would have been the case had the health and cost-of-living crises not occurred.
Japan, Australia, and New Zealand are not included in the 46 economies that make up developing Asia in the Asia-Pacific.
The COVID-19 epidemic has left Asia and the Pacific in a steady state of recovery, but Albert Park says that the rising cost of living crisis is impeding the effort to end poverty.
According to statistics from 2017, if you make less than $2.15 a day, you are considered to be in extreme poverty.
Due to an increase in supply chain disruptions and a comeback in economic activity, inflation reached multi-year highs in the majority of countries last year.
Everyone was affected by price rises, but the poorest individuals suffered more since they had to spend more on fuel and food, which made it more difficult for them to save money and pay for necessities like health care and education.
Governments in the area can regain control by "strengthening social safety nets for the poor and fostering investment and innovation that creates opportunities for growth and employment," according to Park.
"Since the removal date from major indices has been postponed by three days, we anticipate selling pressure to persist for a few more trading sessions and won't be surprised to see the share price fall below Rs. 200 per share levels," he continued.
Jio Financial Services Limited shares have been declining, according to Deepak Shenoy, CEO of Capitalmind, who stated this on X (previously Twitter), saying that index funds "want to sell it." In his post, he referred to this as "forced selling".
Why is JIOFIN falling, you ask? Because these index funds intend to sell it, they must have sold their holdings by the time it leaves the lower circuit and leaves the index, according to Shenoy.
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