Entrepreneurship and innovation flourish in diverse forms, but nowhere as vibrantly as within the informal economy.
According to the International Monetary Fund, over 6.82 billion people reside in emerging and developing markets, highlighting the immense potential of this sector.
So then just how significant is the informal economy?
It accounts for 2 billion jobs globally.
Despite its profound impact, it is frequently overlooked in development discussions.
The World Economic Forum challenges this traditional view, advocating for the empowerment of informal workers through enhanced access to finance, education and skills training, and technology. They argue that this approach can unlock the full potential of emerging economies, contributing significantly to the achievement of the United Nations Sustainable Development Goals.
The benefits extend far beyond economic growth, promising to lift millions out of poverty, reduce gender disparities, improve health outcomes, and strengthen global stability. Moreover, the private sector stands to gain substantially from closer collaboration with the informal sector.
As evidenced by breakthroughs in food tech, mobility, e-commerce, and payment infrastructure, groundbreaking ideas can originate from anywhere.
By engaging with informal entrepreneurs and enterprises, businesses can discover new markets, expand their customer base, and broaden their reach.
