The COVID-19 pandemic has hit informal workers and firms hard, particularly in developing countries where large segments of the population are not covered by existing social protection schemes and to give them improved access to opportunities and better working conditions has become an even more urgent priority.

The conversation between IMF Managing Director Kristalina Georgieva and ILO Director-General Guy Ryder covered questions related to the informal economy, including:

• What exactly is the informal economy and how large and diverse is it within and across countries?
• What are the consequences of working in the informal economy for workers and their families?
• What has been the impact of the COVID-19 pandemic on informal workers and firms, and which policy responses will be most effective in addressing the issues that have arisen?
• How does informality relate to growth and inequality, including gender inequality?
• What can policy makers do to facilitate the gradual formalization of the economy and promote more resilient and inclusive growth?