Much of the economic activity in less developed countries does not take place in the formal sector.

Name: Much of the economic activity in less developed countries does not take place in the formal sector.
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In less developed countries, a significant portion of economic activity occurs in the informal or shadow sector, outside of government regulation and taxation. This includes activities such as street vending, small-scale farming, and unregistered businesses.

Much of the Economic Activity in Less Developed Countries Does