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. In our experience, economic growth is the most powerful tool for combating 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. Therefore, first pillar of poverty reduction strategy is pro-poor sustainable economic growth. However, growth on its own is not sufficient to eliminate poverty, and needs to be accompanied by a comprehensive program of social development. Social development should therefore accompany economic growth in order to reduce poverty effectively.