Annually corruption slows economic growth much more than tax evasion and the ongoing poverty, the message of the International monetary Fund (IMF), quoted by Reuters.
According to research of the IMF, the world economy in the form of bribes displayed annually, from $1.5 trillion to $2 trillion (about 2% of world GDP). In the document entitled “Corruption: the Loss and strategies for mitigating” States that strategies to combat corruption require transparency, a clear legal framework, the real threat of prosecution and a strong commitment to deregulation of the economy.
“While the direct economic costs of corruption are well known, indirect losses can be even more significant,” reads the statement of the head of the IMF Christine Lagarde which is reproduced in the report of the Fund.
According to her, corruption has “extensive corrosive effect on society”. “This undermines the credibility of government and undermines the ethical standards of private citizens,” she said.
Without naming specific countries, the IMF in its report says that dependence on non-renewable natural resources, and conflicts over control over them, can often foster corruption.
In the document, on the one hand, emphasizes the need for stricter anti-corruption laws, but, on the other hand, it is noted that the weakening of the legislation may limit opportunities for bribery and to give companies more opportunities for growth.
“Where the official is given freedom of action for the adoption of economic activities, there is a risk that this freedom of action will lead to abuse,” she said.