Reckless Investments by Son Masayoshi (Softbank) Swells Informal Economies in Asia
Ride-sharing apps which allow users to have a car pick them up at almost any location and take them to their desired destination with just a couple of taps on the app, are expanding their businesses globally. The market is estimated to have been worth $76.48 billion in 2020 and it is estimated that it will continue to grow and reach $242.73 billion by 2028.
However, the industry is transforming the social and economic situation of local transportation systems, and a number of problems have been pointed out, such as how they encourage the informal economy and tax evasion and enable predatory pricing.
The Executive Summary of the report can be found in EN here.