Informality is a widespread phenomenon in developing countries, where 70 percent of workers and 30 percent of production are outside the formal economy. Labor and economic informality undermine countries’ efforts to curb the spread of COVID-19, protect workers and boost economic growth. On the flip side, the informal sector is also a crucial source of income for those who cannot find formal employment.
By its very nature, informality is a complex issue that must be addressed through a multisectoral public policy approach. Latin America and the Caribbean has one of the world’s largest shares of informality as a percentage of GDP; addressing it has become an urgent matter in the current circumstances. To contribute to this crucial conversation, and to look at possible responses to the issue based on lessons from experience in the region, the World Bank has convened top experts and leaders from the public, private, and civil society sectors for a virtual panel discussion.
We invite you to be part of this conversation to #RethinkTheFuture of the region and help it transform informality into an opportunity.
The live webcast will be available on this website during the event.