Posts Tagged ‘Shadow Economy’

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As many as 46% of Russian businesses operate in the shadow economy as a result of high taxes, according to business lobby group leader Boris Titov, who was appointed last summer to safeguard the rights of Russian and foreign entrepreneurs.

A new report published in the UK “Economist” reveals the size of the so-called ‘shadow economy’ around the world is growing, according to Friedrich Schneider, of Linz University in Austria.

China’s households hide as much as 9.3 trillion yuan ($1.4 trillion) of income that is not reported in official figures, with 80 percent accrued by the wealthiest people, a study showed.

This paper presents estimations of the shadow economies for 162 countries, including developing Eastern European, Central Asian, and high-income countries over the period 1999 to 2006/2007. According to the estimations, the average size of the shadow economy (as a percentage of “official” gross domestic product) in 2006 in 98 developing countries is 38.7 percent; in […]

It turns out that countries have two economies: the official one and a shadow version. The official economy is the one that governments and banking institutions measure with gross domestic product, tax receipts, social security contributions, employment identification numbers, and the like. The shadow economy is all the money and jobs generated outside the official […]

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