The Asian Development Bank has challenged developing countries like the Philippines to step up efforts to boost economic growth and consequently escape the “middle-income trap” they are caught in.
In one of the discussions during the recently concluded 44th Annual Meeting of the Board of Governors of the ADB, economists noted that many Asian countries have remained middle-income earners.
ADB said in a statement that while the transition by several countries in the past decades from low- to middle-income status has lifted many Asians out of poverty, these economies have to speed up the process towardthe developed status to pull out even more people from poverty.
Ursula Schaefer-Preuss, ADB vice president for knowledge management and sustainable development, said there were still 1.8 billion Asians living below $2 a day.
Read more at Philippine Daily Inquirer