BD has fast rural transformation but slower rural poverty reduction: IFAD

BD has fast rural transformation but slower rural poverty reduction: IFAD

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Bangladesh had fast rural transformation but showed slower rural poverty reduction compared to the other countries which might be related to its slow structural transformation, says a new report.As with structural transformation, the speed of rural transformation is also positively correlated with the extent of poverty reduction.
Viet Nam, China and Indonesia, for example, on the top-left quadrant from the coordinate had faster rural transformation and faster rural poverty reduction.
On the other side of the line, the Philippines, Pakistan, and India had slower rural transformation with slower annual poverty reduction.
The International Fund for Agricultural Development (IFAD) launched the report on Monday.
Governments need targeted policies and investments that focus on agricultural development that is sustainable, raises wages and creates off-farm jobs in rural areas, says a new report.
Poverty in the Asia and Pacific region is largely a rural phenomenon and economic growth alone is not enough to eliminate it, according to a message received here from New Delhi.
Although the growth showed great variation across countries, its overall pace underpinned a gradual convergence of lower middle-income countries towards higher middle-income countries in per capita terms. Bangladesh and Myanmar have become lower middle-income countries, while Mongolia an upper middle-income country. Afghanistan, Cambodia and Nepal are still low-income economies.
“The rapid economic growth in the region has come at a cost. Urbanization has led to a wide income gap between rural and urban areas. In a number of countries malnutrition remains an area of great concern while agricultural production has weighed heavily on existing natural resources,” said Perin Saint Ange, Associate Vice-President of IFAD.
“Where agricultural growth has been rapid, emphasis will need to be placed on policies that protect the environment, and improve institutional and socio-economic development.”
The Rural Development Report 2016: Fostering Inclusive Rural Transformation is a rallying call for policymakers and development practitioners to win the global war against poverty.

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