Baku – APA-Economics. Bribery and corruption cost the world economy as much as $2 trillion every year, money that instead could be used to fight poverty, create jobs, and protect the environment, Voice of America reported.
A new report by the International Monetary Fund says the money lost to corruption every year is 2 percent of the global gross domestic product.
IMF chief Christine Lagarde says the direct economic costs of corruption are clear. But the indirect costs may be even worse “leading to low growth and greater income inequality."
"It undermines trust in government and erodes the ethical standards of private citizens," she said Wednesday.
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