The Informal Economy in Grenada [PODCAST VERSION AVAILABLE]

According to the World Economic Forum, more than 60% of global employment occurs "off the books," referred to as the informal economy. The informal economy in Grenada also represents a high percentage of employment. Anyone who has traveled around Grenada has experienced seeing, conversing, and buying from road vendors providing anything from food to clothing to handcrafted jewelry. The informal economy also spans street vendors, tech startups, and cultural trends. Freelancers and the gig economy are also engaged in informal activities. [SCROLL BELOW TO LISTEN TO THE PODCAST VERSION]

There is a difference between informality and criminal activity. The informal economy refers to entrepreneurs providing legitimate products and services that do not comply with some regulatory requirements. They may lack a permit or registration for their business. That is what we refer to when discussing the informal economy.

The informal economy creates several challenges but also contributes significantly to the economy, social cohesion, and provides livelihoods for a significant percentage of the population.

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