The underground economy is a significant part of the global economic landscape, with estimates ranging from 10% to 40% of GDP in different countries. This blog post will explore some statistics on the size and scope of the underground economy around the world. We’ll look at data from 20 countries across Europe, North America, South America, Asia and Australia to get an idea of how large this hidden sector really is. From Greece’s 21.5%, to Canada’s 15%, all the way down to Australia’s 6%, we’ll examine each country individually so you can better understand their respective economies as well as what factors may be driving these numbers up or down over time. So let’s dive into it.
Underground Economy Statistics Overview
Greece has one of the highest rates of underground economic activities in the European Union, reaching 21.5% of GDP.
This statistic is a stark reminder of the prevalence of underground economic activities in Greece, highlighting the need for more effective measures to tackle the issue. It is a worrying sign that the country is losing out on potential revenue, as well as the potential for economic growth. Furthermore, it could be indicative of a lack of trust in the government and its ability to provide a stable economic environment. This statistic is a call to action for the Greek government to take steps to address the issue of underground economic activities and ensure that the country can benefit from a more prosperous future.
In Italy, the underground economy reached 13% of GDP in 2021.
This statistic is a stark reminder of the prevalence of the underground economy in Italy. It highlights the fact that a significant portion of the country’s economic activity is taking place outside of the formal economy, and that this is a growing problem. It is a worrying sign for the Italian economy, as it suggests that the government is not able to effectively monitor and regulate economic activity, and that the informal sector is becoming increasingly important. This statistic is a call to action for the Italian government to take steps to address the issue of the underground economy and ensure that economic activity is conducted in a transparent and accountable manner.
The Swiss underground economy is estimated to be around 7% of GDP.
This statistic is a telling indication of the size of the Swiss underground economy, providing a valuable insight into the scope of economic activity that is taking place outside of the formal economy. It is an important piece of information for anyone looking to gain a better understanding of the underground economy in Switzerland, and its implications for the country’s overall economic health.
In Brazil, the underground economy is about 16.3% of GDP, as of 2021.
This statistic is a stark reminder of the prevalence of the underground economy in Brazil. It highlights the sheer magnitude of economic activity that is taking place outside of the formal economy, and the potential implications this could have for the country’s economic growth and stability. It also serves as a warning to policymakers that they must take steps to address this issue in order to ensure the long-term health of the Brazilian economy.
In the United Kingdom, the underground economy represented approximately 5.4% of the GDP in 2019.
This statistic is a telling indication of the size and scope of the underground economy in the United Kingdom. It demonstrates that a significant portion of economic activity is taking place outside of the formal economy, and that this activity is having a measurable impact on the country’s GDP. This is an important point to consider when discussing the implications of the underground economy and its potential effects on the economy as a whole.
In Mexico, the underground economy represents about 22.5% of GDP.
This statistic is a telling indication of the prevalence of the underground economy in Mexico. It highlights the sheer magnitude of economic activity that is taking place outside of the formal economy, and the potential implications this could have for the country’s economic growth and development. It is a statistic that should not be overlooked, as it could have far-reaching implications for the country’s economic future.
The Russian underground economy is estimated to make up nearly 40% of GDP.
This statistic is a stark reminder of the sheer size and scope of the Russian underground economy. It is a testament to the fact that a significant portion of the country’s economic activity is taking place outside of the official channels. This has major implications for the country’s economic stability and growth, as well as its ability to attract foreign investment.
In India, the underground economy accounts for 20% of GDP.
This statistic is a stark reminder of the sheer magnitude of India’s underground economy. It highlights the fact that a significant portion of the country’s economic activity is taking place outside of the formal economy, and thus is not being taxed or regulated. This has serious implications for the government’s ability to collect taxes, enforce labor laws, and ensure economic stability. It also has implications for the country’s economic growth, as the underground economy is not contributing to the formal economy in any meaningful way.
In Ireland, the underground economy is 13.5% of GDP in 2021.
This statistic is a telling indication of the size and scope of the underground economy in Ireland. It highlights the prevalence of activities that are not reported to the government, and the potential impact this has on the country’s GDP. It also serves as a reminder of the need for greater transparency and accountability in the economy, as well as the need for better enforcement of existing laws and regulations.
In China, the underground economy accounts for about 12.2% of GDP.
This statistic is a telling indication of the prevalence of the underground economy in China. It highlights the sheer magnitude of economic activity that is taking place outside of the formal economy, and the potential implications this could have for the country’s economic growth and stability. It is a statistic that should not be overlooked in any discussion of the underground economy.
In Argentina, the underground economy represents around 35% of the GDP.
This statistic is a stark reminder of the prevalence of the underground economy in Argentina. It highlights the sheer magnitude of the economic activity that is taking place outside of the formal economy, and the potential implications this could have for the country’s economic stability. It is a statistic that should not be overlooked, as it could have far-reaching consequences for the country’s economic future.
In France, the underground economy represents about 11.1% of GDP.
This statistic is a telling indication of the size and scope of the underground economy in France. It highlights the prevalence of activities that are not reported to the government, and thus not included in official GDP figures. This has implications for the accuracy of economic data, as well as the potential for tax evasion and other illegal activities. It also speaks to the potential for economic growth that could be realized if the underground economy were brought into the light.
In Spain, the underground economy accounts for approximately 18.6% of GDP.
This statistic is a telling indication of the prevalence of the underground economy in Spain. It highlights the significant impact that this sector has on the country’s GDP, and serves as a reminder of the importance of understanding and monitoring the underground economy. It is a reminder that the underground economy is a major factor in the Spanish economy, and that it should not be overlooked or underestimated.
Conclusion
The underground economy is a global phenomenon that affects countries of all sizes and levels of development. The statistics presented in this blog post demonstrate the prevalence and magnitude of the underground economy across different nations, with estimates ranging from 5.4% to 40% of GDP for various countries around the world. This highlights how pervasive these activities are, as well as their potential economic impact on both developed and developing economies alike. It is clear that further research into understanding why certain countries have higher rates than others could help inform policy decisions aimed at reducing or eliminating such activity in order to promote more efficient markets worldwide.
References
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