MANILA - The COVID-19 pandemic set back Asia and the Pacific's fight against poverty by at least 2 years and made it harder for the vulnerable to escape poverty, the Asian Development Bank said in a study released Wednesday.

This year's economic growth is expected to reduce extreme poverty but in a level that could have been achieved in 2020 "had the pandemic not happened," according to the ADB's Key Indicators for Asia and the Pacific 2022.

The ADB defined extreme poverty as living off less than $1.90 a day.

Many in the region may find it harder to escape poverty, or those with already low levels of social mobility before COVID-19. These vulnerable individuals are seen to experience longer-lasting setbacks, the ADB said.

It has also worsened other poverty issues including food insecurity, poor access to health services as well as education, the Manila-based lender said.

“The poor and the vulnerable have been hit hardest by COVID-19, and while economies are recovering, many people may find that getting out of poverty is even more difficult than before,” said ADB Chief Economist Albert Park.

“Governments in the region should focus on resilience, innovation, and inclusiveness to provide more balanced economic opportunities and greater social mobility for everyone," Park added.

In the Philippines, the pandemic delayed its ambitions to reach an upper-middle-income country which was initially eyed to be achieved in 2022. COVID-19 has also impacted gains in poverty reduction.

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In the recent report by the Philippine Statistics Authority, there were 19.99 million poor Filipinos as the poverty incidence rose to 18.1 percent in 2021 from 16.7 in 2018.

Extreme poverty in the region is expected to drop below 1 percent in 2030, while 25 percent of the population is projected to have achieved middle-class status or those with income or consumption of $15 or more per day, the ADB said.

But this outlook is threatened by differences in social mobility or the ability to escape poverty and other uncertainties, it added.

Stagflation, global headwinds, food insecurity and energy price shocks are also among the challenges that could affect developing Asia, the ADB said.

President Ferdinand Bongbong Marcos Jr and his economic managers have said that part of the administration's agenda is to reduce the poverty incidence to single digit by 2028.

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