Agriculture for poverty reduction

Though the Asia-Pacific region boasts of having some of the fastest growing economies of the world, the gap between rich and poor is widening, According to the Economic and Social Survey of Asia and the Pacific 2008 by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP). The Survey, entitled “Sustaining Growth and Sharing Prosperity,” focuses on the need for governments to improve agricultural productivity to address failure in the agricultural sector. This year’s issue marks the 60th anniversary of the Survey, first published in Shanghai in May 1948. The Survey examines the most critical issues, challenges and risks in Asia and the Pacific in the months ahead, and explores critical long-term development issues relevant to all developing countries in the region. It discusses outlook for Asia-Pacific economies after registering fastest growth in a decade amidst rising risks from within the global financial markets. Lack of political will and policy neglect over the years has substantially reduced agricultural growth's historically strong contribution to reducing poverty, according to the Survey. The reasons for this downturn have been attributed to falling subsidies in some countries, rising input costs and pressure on land from industry. Key findings •About 218 million people are still living in abject poverty due to chronic neglect of the agricultural sector in Asia and the Pacific. •Food prices have remained high, thus posing a great inflationary risk and adversely affecting the poor. •Developing economies in the Asia-Pacific region, having enjoyed their fastest growth in a decade, are expected to see it moderate to 7.7% in 2008, down from 8.2% in 2007. •Agriculture requires a market orientation approach like connecting the rural poor to the markets, easier access loans and crop insurance and diversification of skills should complement agricultural development. •Governments need to make strategic investments to addressing rising inequality and to manage hazardous impact of global climate change. •Need for directing public expenditure towards priority areas such as education, health, environment to promote pro-poor growth, strengthening regional integration and comprehensive liberalization of agricultural trade. Source: UNESCAP

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