Tackling the informal economy has been an important concern for many of the region’s governments. Despite this stated objective, few governments have designed specific plans or policy responses to reduce the level of informality and help informal firms and workers transition to the formal sector. To support reform efforts towards reducing informality – in particular against the backdrop of the serious effects of COVID-19 on informal sectors across Eurasia – the webinar discussed immediate and long-term responses in supporting informal firms and workers, and eventually fostering business formalisation.
The webinar also discussed the policy note prepared by the OECD: The sudden loss of a social buffer: COVID-19 and informality in Eurasia. The note summarises the development of the informal sector in Eurasia, and the main challenges it faces following the onset of the COVID-19 pandemic. It also offers policy options to ensure a more inclusive and sustainable recovery for all. Its final version will be shared shortly.