President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has said that the government should take measures so that public sector organizations associated with traders, industrialists, investors and public should be made more transparent in order to curb corruption and people may conveniently get their rights.
He said that as per International Labour Organization (ILO), the informal economy is accounted for more than 70 percent of the employment in main jobs outside agriculture sector.
The informal economy has observed speedy growth in the last three decades as compared to the formal economy and the informal economy has 35 percent share in the country’s GDP which is highest in the developing countries.
He said that according to a survey, 62 percent of trade is associated with the informal sector in which trade, manufacturing, service industry, transport and construction are included.
The several reasons behind increasing informal economy include lack of employment opportunities in formal sector, increased cash transactions, widening tax gap and poor performance of the public sector institution. Afghan Transit Trade (ATT) has also a major portion in informal economy.