It’s Giving Tuesday! When we raise $100k, another $100k is unlocked GIVE NOW
COVID-19

Drop in global remittances may worsen poverty

Elizabeth Trovall Jun 29, 2020
Heard on:
HTML EMBED:
COPY
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
Heard on:
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. 

Click the audio player above to hear the full story.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.