As layoffs surge in richer countries, poorer nations lose crucial economic lifeline
And in Mexico, Rosy worries how she will afford to buy medicine for her diabetic mother without the money her brother used to send before being furloughed at an Idaho ranch.
They are all economic victims of the novel coronavirus. As hundreds of millions of people around the world grapple with job losses, business closures and lockdowns, many are no longer able to help poorer relatives in developing nations whose lives can hinge on these payments.
“No one wants to hire me now because of the coronavirus,” Caseres, 47, said. “I am worried for my family as much as I am worried about how I am going to pay my own rent.”
Billions of dollars in remittances from wealthier nations to poorer ones may be vanishing, threatening the welfare of millions of families globally and the health of their countries in the months ahead, economists say.
Many Latin Americans and Africans depend on remittances from relatives in the United States. …continued .
[Source: Washington Post]