Policy research entity Trade and Industry Policy Strategies (TIPS) finds in its latest Real Economy Bulletin that the number of small formal businesses in the economy has grown from 680 000 in 2019 to 710 000 in 2022, despite the negative impact from the Covid-19 pandemic. The number of informal businesses has risen from between 1.3-million and 1.6-million in the 2010s to 1.75-million as of the last quarter of 2022, having fully overcome a sharp decline at the start of the pandemic.
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