The world economy suffers from a productivity gap, much of which is explained by the fact that 60 percent of the global workforce operates within the constraints of the informal sector. Broadening participation in the formal sector will increase productivity, spark economic growth in currently underperforming nations, and lift living standards for millions of people who live in, or on the edge of, poverty. Now is the time to invest in a strategy to broaden that participation, taking advantage of new trends in technology improving both market access and facilitate desirable bureaucratic reform.
This project will cultivate and fund 60 independent and locally-led projects over three years worldwide, each with specific strategies to increase formal market participation, increase employment opportunities, and ease the regulatory environment for work. Targets for change will be informed and benchmarked using reputable indices such as the anticipated reintroduced Doing Business indicators.
We will rigorously vet as many as 300 applications per year, provide training and consulting for both candidates and grantees, incubate projects through transformative cohorts, and celebrate the greatest advancements with awards and international promotion. Closing this productivity gap will spark economic growth and ultimately improve livelihood opportunities for an estimated 50 million people in 20 countries.
