Business Calls for Formalisation in Latin America and the Caribbean: OECD Business Forum

On 30 June, Business at OECD organised a high-level session during the OECD Business Forum in Madrid on "Benefits and Role of the Private Sector in the Formalisation of Latin American and Caribbean Economies". Bringing together senior representatives from our global business network including Mastercard, Visa, the OECD and governments, the discussion explored how governments, businesses and the OECD can work together to tackle one of the region's most pressing structural challenges: job informality. The session also marked the launch of Business at OECD's report on informality in Latin America and the Caribbean, developed with contributions from over sixty companies and business organisations across the region. Business at OECD highlighted three key messages from the report. First, reducing informality requires creating stronger incentives for formalisation through better regulation, improved governance, and more investment-friendly policy frameworks. Second, digitalisation, including digital payments, cloud technologies and artificial intelligence, can become a powerful driver of formalisation and productivity. Third, closer public-private cooperation will be essential to translate OECD standards into practical reforms that support more competitive, resilient, and inclusive economies across Latin America and the Caribbean.