💸Moneda Moves (53): Coronavirus will be especially expensive for the poor 💰
Buenos dias, Moneda Moves readers. If you are working from home this morning, I hope you are enjoying a cafecito and taking some time to ramp up for the work day as you read this. In a very turbulent week for the news and markets, I wanted to share a few resources in light of coronavirus. These span both health and money.
You may have seen this chart from the CDC, and it's a fit time to share it here again. The takeaway? Protective measures have great impact:
(Source: The New York Times via CDC)
A few other articles you might find resourceful are listed below:
Coronavirus BBC Explainer -- Popular Questions
Coronavirus Symptoms -- The Guardian
Cure and Mortality Rate for COVID - 19 -- The Guardian
Recommendations for Coronavirus -- WHO
Coronavirus Updates -- CDC
All this said, I implore you to stay informed as this is a developing story with new information and research being released by the hour. Information is powerful. It can help you stay levelheaded and protect others who are more vulnerable to such an illness.
One of the things that weighs heavy in my mind beyond the health issues as they relate to coronavirus is the fact that not everyone is so lucky to work from home or stay financially afloat during this time. Coronavirus will disproportionately hit poor people hard. Think about homeless people, or older people who need to get to the hospital with pre-existing health conditions and don't have the luxury or the option to practice social distancing.
Certain industries will also be hurt immensely. Consider hospitality and retail industries, where the consumer-facing part of the job rules. Small businesses will also be severely affected. Chinatown in NYC is already suffering on a decline from outside customers.
In a time of hardship for health and the economy, some themes that arise for me are awareness and compassion. My recommendations: Read information from reputable sources and bear in mind that not everyone may be as lucky as you are.
Onto this week's updates.
Con poder✊🏽,
Lyanne
Keep tabs/cuentas on what's happening at the intersection of Latinos and money.
Industries hit hardest by coronavirus📉: In short, hospitality and retail industries will take the first hits. However, any jobs that are consumer-facing will be severely impacted. This week alone, we saw cancelation of major sport and cultural events. Television shows have also been put on hold and in NYC, we have banned gatherings of more than 500 people. On these details alone, we know the Latino community takes a hit. Per the Bureau of Labor Statistics, leisure and hospitality have historically been the third largest industries of Latino employment after construction and agriculture, both which will likely be impacted by the epidemic as well. The full report comes from MarketWatch.
Export-driven Latin American countries will be impacted🇪🇨: Needless to say, the economic impact of coronavirus goes beyond the United States. Among the top Latin American countries that will feel this shift are those with export-driven economies: Chile, Peru and Mexico. In particular, those who work in agriculture are already seeing impact. This story follows a farmer in Ecuador who usually sells his fruit at $2.50/kilo and is now down to 80 cents/kilo, if he can find a buyer, that is. The full story is in NBC News via AP.
Know the powerful/potentes Latinos and up-and-comers in the money world.
For investors and entrepreneurs, the show goes on: Have a lunch break? Stop by Rebel One's virtual conference for entrepreneurs and investors today Friday, March 13. Don't worry, you can still practice social distancing for this. You don't even have to leave your home. It's all taking place online and led by creator for the community for founders Sergio Marrero.
(Credit: RBL1)
As stated in the event release:
ReThink Austin 2020 & SX Virtual focuses on technology, entrepreneurship, diversity, equity, and inclusion (DEI), and community impact.
Join at this link.
Because being healthy should be accessible by all 👟: Big industries are taking a hit, and we are being encouraged to practice social distancing to protect others. The silver lining? We can still support small businesses and help others stay above water during this difficult economic time. And while a lot of in-person events are being postponed, not all are. One of my favorite openings that is still in the books? Healthy Hood Chi in Chicago is opening another location to bring affordable fitness to a largely Latino neighborhood, Hermosa. Healthy Hood was designed with the goal to bring dance and fitness classes at an affordable price to the underserved. To see a studio like this open in my home town and neighborhood is certainly an impressive feat.
(Credit: Healthy Hood Chi)
If you're in Chicago, please check it out and send your favorite local businesses to support.
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