Navigating The Nexus: The Informal Sector, Tourism, And Entrepreneurship In BRICS Nations For Sustainable Development

Abstract

The relationship between the informal economy, entrepreneurship, and tourism in the BRICS (Brazil, Russia, India, China, and South Africa) nations is examined in this literature review. In several developing nations, the informal economy is vital because it frequently serves as a cushion against unemployment and other economic shocks. Since it operates outside of official regulatory frameworks and yet promotes innovation and economic dynamism, entrepreneurship in this industry becomes particularly important. In the BRICS countries, tourism is a sector that is developing quickly and has a lot of chances for informal entrepreneurs. Consequently, it connects with the informal economy. To emphasize the socioeconomic effects, challenges, and opportunities brought about by the convergence of all three of these elements, this paper synthesizes the literature. It explores at the ways that the BRICS informal sector promotes entrepreneurship, the contribution of tourism to this informal sector's development, and the policy implications for sustainable development. The review points out important advancements, gaps in the literature, and intriguing possibilities for further research to gain greater comprehension of the complex systems at work in these rapidly developing economies.