US$ 2 trillion lost to bribery and corruption every year, (2% of global GDP), claims IMF

2
612
Christine Lagarde said direct economic costs of corruption are clear, but indirect costs may be even worse “leading to low growth and greater income inequality.”
Christine Lagarde said direct economic costs of corruption are clear, but indirect costs may be even worse “leading to low growth and greater income inequality.”
Christine Lagarde said direct economic costs of corruption are clear, but indirect costs may be even worse “leading to low growth and greater income inequality.”

__________
Mercopress
US$ 2 trillion lost to bribery and corruption every year, (2% of global GDP), claims IMF

IMF chief says the direct economic costs of corruption are clear. But the indirect costs may be even worse “leading to low growth and greater income inequality.“

”It undermines trust in government and erodes the ethical standards of private citizens,“ she said this week in London.

Lagarde says investors look for countries whose public officials are high on the integrity list because they want assurances they will not have to constantly pay bribes.

The IMF defines corruption as ”an abuse of public office for private gain.” But it also includes tax evasion and arbitrary tax exemptions that give citizens little incentive to pay taxes themselves.

Bribery and corruption weaken banking systems and shut people out of the financial markets.

The IMF also says the social and environmental costs of corruption are significant, leading to poorly enforced regulations, more pollution, and destruction of natural resources.

The report recommends nations adopt international standards for fiscal and financial transparency to fight corruption and make the threat of prosecution for such crimes credible. It also calls a free press a key player in uncovering the problem.

Author Details
Ian Greenhalgh is a photographer and historian with a particular interest in military history and the real causes of conflicts.

His studies in history and background in the media industry have given him a keen insight into the use of mass media as a creator of conflict in the modern world.

His favored areas of study include state-sponsored terrorism, media manufactured reality and the role of intelligence services in manipulation of populations and the perception of events.
ATTENTION READERS
Due to the nature of independent content, VT cannot guarantee content validity.
We ask you to Read Our Content Policy so a clear comprehension of VT's independent non-censored media is understood and given its proper place in the world of news, opinion and media.

All content is owned by author exclusively. Expressed opinions are NOT necessarily the views of VT, other authors, affiliates, advertisers, sponsors, partners or technicians. Some content may be satirical in nature. All images within are full responsibility of author and NOT VT.

About VT - Read Full Policy Notice - Comment Policy

Comments are closed.