05 May '11, 5am

Millions in Asia face poverty if prices surge: UN

BANGKOK: Soaring food and oil prices could keep an additional 42 million people in poverty in the Asia Pacific region and threaten economic growth, the United Nations said Thursday. As regional economies continue to pick up pace in the wake of the global downturn, they face renewed fears about the impacts of higher oil costs, the UN Economic and Social Commission for Asia and the Pacific (UNESCAP) said. In its Economic and Social Survey of Asia and the Pacific, the UN agency said higher crude prices could wipe up to one percent off growth in the energy-hungry region. "As soon as you recover from the financial crisis you have the oil and food crisis again," said Nagesh Kumar, director of the UNESCAP macroeconomic policy and development division. UNESCAP said if crude prices rose to an average of US$130 dollars a barrel and food prices doubled this year -- a worst case scena...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific/vi...

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An additional 42 million people in Asia could be kept in poverty if food and oil prices continue to rise: UN

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