Close to 900 million people in the region still live in poverty. The primary objective for Asia and the Pacific should therefore be to reduce poverty, and to improve the quality of life of all people in this region. This is why we at ADB have made poverty reduction our overarching goal. Let me elaborate on the thinking behind these three pillars. All around the world, experience has shown that growth is the most powerful weapon in the fight against poverty.
Economic growth can reduce poverty by generating employment and income.
Growth also expands public revenues that could be used for better basic infrastructure and social services, of which the poor are in desperate need. Growth can lift many more people out of poverty if it is pro-poor, and sustainable. Growth must be inclusive because it is important not only to reduce poverty levels, but also to maintain social stability and cohesion. The Asian experience has demonstrated that if we are to achieve the sustainable and inclusive economic growth needed to reduce poverty, a dynamic private sector is critical. Recognizing this, ADB has adopted another new strategy to refocus and energize our work for private sector development.