The informal economy is the part of any economy that is not taxed or monitored by any form of government. The informal economy provides opportunities for employment and revenue generation bypassing formal requirements, e.g. setting up a shop without a business registration/licence, private bus owners hiring bus drivers without a formal employment contract, etc. However, it does not guarantee any social benefits such as health insurance or job security. Although it occurs in all countries, the informal sector is particularly pertinent in the Global South, making up a substantial portion of these economies.