måndag 31 oktober 2016

Bringing light to the grey economy

Half to three-quarters of all non-agricultural workers in poorer countries (perhaps 2 billion people) fall outside the purview of officialdom and so can be categorised as “informal” (or “shadow” or “grey”). In rich countries the share is much smaller, though still significant. One-tenth of Britain’s economy is thought to be informal.
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About 84% of all consumer transactions worldwide are still cash-based, according to MasterCard, a credit-card provider. But that share will fall as more workers ply their trades on digital platforms, whether tutors on Eduwizards or drivers on Uber, a ride-hailing app. About half the world’s adults now own a smartphone; by 2020 80% will.
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South Korea drove down the share of coins-and-notes transactions from 40% to 25% between 2002 and 2006 by applying a lower sales-tax rate to card payments.


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