Underground economy accounts for 19.8 pct. of Korea's GDP in 2015: IMF
- 6 years ago
Korea's underground economy accounted for 19-point-eight percent of the country's GDP in 2015, …amid government efforts to reduce black market activity.
According to an IMF report, the estimated value of Korea's black market economy, including untaxed transactions and smuggling, saw a ten percentage-point drop from nearly 30 percent in 1991.
Last February, the Korea Institute of Public Finance said Korea's shadow economy accounts for just eight percent of its entire GDP according to the so-called "demand for currency" approach, …adding that the estimate can change depending on the variables and models used.
According to an IMF report, the estimated value of Korea's black market economy, including untaxed transactions and smuggling, saw a ten percentage-point drop from nearly 30 percent in 1991.
Last February, the Korea Institute of Public Finance said Korea's shadow economy accounts for just eight percent of its entire GDP according to the so-called "demand for currency" approach, …adding that the estimate can change depending on the variables and models used.