Informal Economy in Latin America: 50% Workforce

On average, setting up a business takes 5 days in the U.S., 19 days in Panama -- the fastest in Latin America -- 27 days in Mexico, 72 days in Peru and 152 days in Brazil, according to the World Bank.

Is it any surprise that of the 13 million Peruvians of working age, 2.3 million work in the private sector formal economy, 1 million work in the public sector formal economy, and nearly 10 million work in the informal economy?

Read more here in today's Miami Herald, "Informal economy proves hard to control: About half of Latin America's urban workforce toils in the informal economy despite efforts to bring them under greater government oversight."