Impact of COVID-19 on the Informal Economy
DOI:
https://doi.org/10.47611/jsrhs.v13i3.6922Keywords:
Informal Economy, Formal Economy, COVID-19, reform, International Labor Organization, DigitalizationAbstract
The informal economy has been at a disadvantage for many years, but its importance has not been discussed very often. This paper examines the challenges of the informal economy after COVID-19. Although the pandemic has hit the global economy significantly, the impact on informal workers has been the most significant. Women, the less educated, and many in developing nations face income loss, lack of social security, and inequality. These issues demonstrate the need for urgent reforms in the informal economy to prevent future crises. The paper presents plausible goals that nations’ governments should aim for to ensure long-term growth.
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