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How the Economic Recession Might Affect The Sub-Saharan Community in America Like Never Before!

Updated: Jul 23, 2020

The COVID-19 crisis started as a health emergency, but all the economic alarms are on now because a global recession started hitting the world, and researchers expect it to be worse. The most to fear is that the black American community, including sub-Saharan African, may suffer the most from this economic recession.

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According to Dylan Scott and Emily Stewart:

-In 2015, a report from the ACLU estimated that by 2031, wealth for white households would be 31 percent less than it would have been had the Great Recession never happened. For black households, it would be down nearly 40 percent.

-The coronavirus crisis is already hitting black communities especially hard. Early numbers suggest black people are at higher risk for contracting and dying of coronavirus, and a smaller proportion of black and Hispanic workers are able to work from home compared to Asian Americans and whites.

-In addition Darrick Hamilton recently told Vox that “We know that blacks, Latinx, and native people, in terms of race and ethnicity, they have lower levels of reserves, and we also know that their employment is more precarious than that of white people”.

Read the full article HERE.

From the research results above, some wise measures could help the Sub-Saharan Community in America to thrive even in an economic recession. And if things return to normal soon, these three tips will still build a secure future for them.

  • Save as much as possible. At least 20% of your income should be saved in such a way that a loss of a job or a job transition will not stress you. Doing so may help you live 2-6 months in a time of crisis.

  • Plan to get a non-precarious job. Many sub-Saharan that come to America sometimes don't think or plan to move from a precarious/first-line job to a more secure one. The consequence is that a crisis like the COVID-19 is hitting some very hard! It is not too late to adjust your goals and your skills to the new job industry or take classes to move to a higher level of your career. In confinement, you can take a certificate or any courses to upgrade your knowledge, skills, and opportunities for a better and more secure job.

  • Master technology tools that allow you to maximize your move to a better job. If you are not used to technologies, it's time to work on it. Learn and master teleworking tools as the COVID-19 crisis is revealing a new reality about service delivery, training, education, healthcare, and many other industries. Those who will surely keep their jobs in case of a worse crisis like this are those who will be able to be productive working online. 

Which one of the above tips are you going to work on now?

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Herve Ngate

Africans4future Network Editorial

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