“Youth unemployment is very high in the region, but it’s just the tip of the iceberg that hides the wider problem of a lack of opportunities for those who are just starting their productive lives,” said Elizabeth Tinoco, ILO Regional Director for Latin America and the Caribbean at a regional meeting in the Peruvian capital.*
Informality refers to economic activities that operate outside the formal reach of the law or those that, while operating within the formal reach of the law, are not subject to application or enforcement of the law in practice.
The informal economy also results from laws which discourage compliance because they are inappropriate, burdensome or impose excessive costs.