A UN and Asian Development Bank report said on Wednesday said that the global financial crisis could drag 21 million people of the Asia-Pacific region into extreme poverty.

The report, entitled "Achieving the Millennium Development Goals in an Era of Global Uncertainty", said the global downturn has hampered the region's efforts to reduce poverty.

The report further explained," On the basis of the most recent estimates of economic growth, in 2009, the crisis could trap an additional 17 million people on incomes of less than $1.25 a day

and another 4 million in 2010."

It also added," This crisis has indicated that the region is still vulnerable to setbacks, which, in the era of globalization can be transmitted from anywhere in the world."

Noeleen Heyzer, executive secretary of the UN Economic and Social Commission for Asia and the Pacific, said," As the crisis has exposed many vulnerabilities in the region, we can now

address them and direct this recovery towards a stronger sustainable path for the Asia-Pacific region."

The report noting the importance of stimulus packages with a strong social aspect, said," If fiscal stimulus have a strong component of social expenditures ... this is likely to produce a double

dividend - not only boosting growth more rapidly but also accelerating progress towards the millennium development goals."

The report also cited the importance of regional cooperation, including the creation of grains' banks that are maintained in each country but accessible to others and said that expanding Asian

monetary and financial coordination would be particularly useful to reduce external shocks such as with the global financial crisis. (With Input from Agencies)