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The Asian Development Bank, ADB has warned that Asia's rapid economic growth may undermine stability of economies because the gap between the rich and poor is widening.
The annual report, released by the Bank said, a key inequality measure has increased to an average reading of 38 in Asia.
Asia's figure is climbing as it declines in the other regions like latin America and Africa.
Speaking to reports ADB Chief Economist Changyong Rhee said that the inequality is significantly increasing in China, India and Indonesia.
The sudden explosion of growth and rapid enrichment of many people over the past decade was the reason for growing inequalities between the rich and poor.
Access to education, healthcare and housing has become more difficult and expensive for millions of people, he added.
The annual report, released by the Bank said, a key inequality measure has increased to an average reading of 38 in Asia.
Asia's figure is climbing as it declines in the other regions like latin America and Africa.
Speaking to reports ADB Chief Economist Changyong Rhee said that the inequality is significantly increasing in China, India and Indonesia.
The sudden explosion of growth and rapid enrichment of many people over the past decade was the reason for growing inequalities between the rich and poor.
Access to education, healthcare and housing has become more difficult and expensive for millions of people, he added.
Labels: ADB
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