Cracking down on corruption would reap big economic rewards for governments around the world, according to new analysis by the International Monetary Fund (IMF).
div > div.group > p:first-child"> In a chapter published Thursday as part of the IMF's April 2019 Fiscal Monitor report, researchers found reducing corruption across all countries would increase total tax revenues by $1 trillion, or roughly 1.25 percent of global GDP .
Among advanced economies, countries with the lowest levels of corruption collected nearly 5 percent of GDP more in tax revenues on average than countries with the highest levels of corruption, the IMF found. For a country the size of the U.K., for example, that math could translate into hundreds of millions of dollars in additional government incomes per year.
Measuring the economic costs of corruption is tough since it can occur at various levels of government, from tax collection to the negotiation of contracts between private companies and the public sector. The IMF, along with other international organizations like the World Bank and the Organization for Economic Cooperation and Development , have prioritized studying global corruption and giving policy recommendations for curbing behavior like bribery and money laundering.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Argentina requests economic review waiver from IMFArgentina has asked for a waiver from the International Monetary Fund to give th...
Read more »
The IMF adds to a chorus of concern about competitionA new analysis adds to worries about market power
Read more »
Monopoly power is growing across the developed world — and it’s hurting workers, IMF findsGrowing monopoly power is seen across the developed world, a new International Monetary Fund report finds, which could be a contributor to ills ranging from lackluster investment growth to growing income inequality.
Read more »
IMF blames Trump’s trade policy for economic slowdown — not the FedThis year, the IMF expects 70 percent of the global economy to experience a slowdown.
Read more »
Rising corporate market power could hit workers, investment: IMFThe growing market power of a small fraction of companies in wealthy countries c...
Read more »
For Some in Japan, Another Day Older and Deeper in Debt Doesn’t Sound So BadIn Japan, a country with $10 trillion in government debt and an economy half that size, some people think the best policy is to borrow more.
Read more »
2020 hopeful Klobuchar touts $1 trillion infrastructure plan
Read more »
Amy Klobuchar wants to pay for her $1 trillion infrastructure plan by reversing some Trump tax cutsKlobuchar hopes to challenge a $1 trillion infrastructure plan put forward by Trump, who has not yet made progress on his pledge to overhaul U.S. infrastructure.
Read more »