 Millions have been lifted out of poverty since 1997 |
East Asia will see absolute poverty at an all-time low in 2004 as growth finally erases the effects of the 1997 currency crisis, the World Bank says. China's boom and a global recovery means regional growth of 7.1% in 2004, the Bank said in its biannual outlook.
It said 40 million people, mostly in China, Indonesia, Thailand and Vietnam, have been lifted out of poverty.
But high oil prices mean slower growth next year, while any downturn in the tech sector could also cause problems.
The high budget and trade deficits in the US were a risk too, meaning Asian countries should work to boost local investment.
Recovery from 1997
However, any slowing of growth in China - down from its breakneck peak of more than 9% in 2003 - could produce a more steady, sustainable economic picture in the region, the Bank said.
And it highlighted its view that the fall in absolute poverty combined with significant political advances, with elections in countries across the region, made 2004 a "remarkable year".
"We are estimating that by the end of this year, the number of people living on less than $2 a day will be around one third of the region's population," said the Bank's regional vice-president, Jemal-ud-din Kassum.
As recently as 1999, that proportion had been more than 50%, he said.
"Even excluding China, the absolute number of poor would be at their lowest level ever, finally overcoming the higher poverty created by the 1997 crisis."
One-Minute World News 
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