Millions in poverty as Asia booms
ECONOMIES in Asia and the Pacific continue to boom, but low wages keep millions of urban Asians in abject poverty, the Asian Development Bank said April 12.
The bank recommended encouraging the growth of labor-intensive industries, measured increases in wages, and more investment in education and job training. In its annual report, ``Asian Development Outlook,'' the multinational bank predicted that economies in developing countries of the region will grow by 7 percent this year and 7.2 percent in 1995.
By comparison, the bank predicted a 1.8 percent growth in the world economy this year, with the US posting the healthiest increase among leading industrialized countries at 3.2 percent.