COVID-19

Drop in global remittances may worsen poverty

Elizabeth Trovall Jun 29, 2020
Heard on: Marketplace Morning Report
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A man in Miami sends a remittance to his mother in Cuba. Joe Raedle/Getty Images
COVID-19

Drop in global remittances may worsen poverty

Elizabeth Trovall Jun 29, 2020
A man in Miami sends a remittance to his mother in Cuba. Joe Raedle/Getty Images
HTML EMBED:
COPY

Many migrants around the world send money back to their home countries. These are called remittances. But due to COVID-19, the World Bank is expecting remittances to decrease 20% globally in 2020, the largest decline it has ever recorded. The money sent home to family members in the developing world is often a financial lifeline that keeps people out of poverty. Without these critical funds, experts predict, many families will go without health care, food and filling other basic needs. 

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COVID-19 Economy FAQs

Are states ready to roll out COVID-19 vaccines?

Claire Hannan, executive director of the nonprofit Association of Immunization Managers, which represents state health officials, said states have been making good progress in their preparations. And we could have several vaccines pretty soon. But states still need more funding, she said. Hannan doesn’t think a lack of additional funding would hold up distribution initially, but it could cause problems down the road. “It’s really worrisome that Congress may not pass funding or that there’s information circulating saying that states don’t need additional funding,” she said.

How is the service industry dealing with the return of coronavirus restrictions?

Without another round of something like the Paycheck Protection Program, which kept a lot of businesses afloat during the pandemic’s early stages, the outlook is bleak for places like restaurants. Some in the San Francisco Bay Area, for example, only got one week of indoor dining back before cases rose and restrictions went back into effect. Restaurant owners are revamping their business models in an effort to survive while waiting to see if they’ll be able to get more aid.

How are hospitals handling the nationwide surge in COVID-19 cases?

As the pandemic surges and more medical professionals themselves are coming down with COVID, nearly 1 in 5 hospitals in the country report having a critical shortage of staff, according to data from the Department of Health and Human Services. One of the knock-on effects of staff shortages is that people who have other medical needs are being asked to wait.

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