Unlocking Prosperity: Embracing the Potential of the South African Informal Economy for Inclusive Growth

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This study examines the South African informal economy, focusing on its significance, challenges, and potential to drive inclusive growth. Once viewed merely as a survivalist activity, the informal economy is increasingly recognised as a dynamic sector with the capacity to generate employment, reduce poverty, and contribute to national development. Using a qualitative methodology, the research drew on literature, policy reviews, and empirical studies to analyse the characteristics of the sector and the systemic barriers it faces. Findings highlight obstacles such as a lack of access to finance, skills shortages, inadequate infrastructure, and weak integration with formal markets. The discussion underscored the importance of policies that balance formalisation with targeted support. Recommendations include inclusive financing mechanisms, vocational skills development, infrastructure investment, and stronger market linkages, all within a supportive regulatory framework. The study contributes to scholarship by reframing the informal economy as an asset rather than a liability, offering a policy-oriented framework for harnessing its potential to build a more resilient, equitable, and prosperous South Africa.

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