Macroeconomic Factors That Reinforced Informal Economy Before and After the Outbreak of the Global Economic Crisis: A Case Study of Selected Member States in the European Union

In the present study, we aim to examine the impact of the 2007 global financial crisis by focusing on the relationship between the informal economy and specific macroeconomic factors such as tax revenues, social security contributions, and unemployment rates. Looking at the period from 2005 to 2016, our study highlights the importance of implementing a robust and continuous assessment process during times of economic uncertainty to maintain long-term economic stability in EU countries. Our findings reveal that tax revenues and unemployment rates had significant effects in different ways on all countries under investigation, underscoring the need for a differentiated assessment policy tailored to different economic landscapes. So on, these results demonstrate the use of evaluation as a tool for innovative economic policymaking. This aspect shows how evaluation can guide effective governance strategies in managing economic challenges. In conclusion, our empirical analysis not only provides insights into the economic dynamics of the Eurozone during the financial crisis but also contributes to the broader debate that is evolving regarding the role of valuation in shaping sustainable and effective economic strategies in times of global financial turmoil.