Monday, January 26, 2015 9:08:04 PM
The Countries with the Biggest 'Shadow Economies'
Bloomberg
by Chris Prentice
Global Tax Evasion
Despite what many might argue, paying taxes is one of the cornerstones of a healthy economy. More and more citizens around the world are avoiding taxes by operating businesses off the data grid. The boom in "shadow economies" leaves governments insufficient revenue to provide adequate public services, whether that means health care, roads, education, or even better tax collection. In fact, a new report estimates that in 2007, in 162 countries, an average of 35.5 percent of official gross domestic product slipped through the cracks—not counting any fruits from such illegal activities as drug dealing or organized crime. Friedrich Schneider, an economics professor at Austria's Johannes Kepler University of Linz and a co-author of the report, "Shadow Economies All Over the World: New Estimates for 162 Countries from 1999 to 2007," emphasizes that the study's numbers refer only to the amount unpaid by individuals and businesses avoiding taxes or legal labor requirements. The problem is on the rise both in developed and developing nations. The worst offender is the former Soviet republic of Georgia, where an estimated 72.5 percent of GDP was untaxed in 2007. The U.S., while not immune to shadow economic problems, is the world's least-affected country, with a mere 9.0 percent of legally derived GDP escaping the IRS that year.
Click here .. http://images.businessweek.com/ss/10/07/0729_worlds_biggest_shadow_economy/2.htm .. to see the countries with the biggest shadow economies.
--
.. not sure what Greece's is as % of GDP .. i know, i think, so many other countries have even much more .. the list below outed just out of interest (ooi) and will try to grab one for Greece after finished it, 2007 the biggest in terms of GDP ..
the pictures inside are worth dwelling on
.. there was a good chat about the ISIS situation on tv and other stuff, so listening while looking at pictures with a bit of c/p thrown in is kinda fun .. shrug i have heaps of time .. :).. ouch, like those stuck inside in NY and other places .. wow, that snow is BIG .. gee, stay safe all and good luck all!
.. now they are on Abbott's tax review, which is so wide it could touch on every aspect of Australian working people .. people are worried the minimum wage could be cut and penalties rates which do still exist in areas like overtime .. sheesh, just thought of the research which has established the unpaid work that workers do for bosses .. it's big, too .. and many full-time workers here are paid under the poverty line, also as in the USA .. anyway, Labor is calling on Abbott to rule out changes to the minimum wage and to penalty rates .. he's a creep with creeping anti-worker policies big time (lol, i thought long time ago he could be a one termer, would be hard as they gained so much last election, but it is a possibility)
.. ok back to the list, going for No. 11 now .. oops, it was a tie .. hmm, Putin says the Ukrainian army is not an army, but a foreign legion, NATO's foreign legion .. ha, well whatever, Mr Putin, what is of yours that has just been downgraded to junk status by S&P? .. your bonds? ..
---
No.1 Biggest Shadow Economy: Georgia
Percent of GDP in Shadow Economy: 72.5*
Official GDP: $20.29 billion**
No. 2 Biggest Shadow Economy: Bolivia
Percent of GDP in Shadow Economy: 70.7
Official GDP: $45.11 billion
No. 3 Biggest Shadow Economy: Azerbaijan
Percent of GDP in Shadow Economy: 69.6
Official GDP: $86.03 billion
No. 4 Biggest Shadow Economy: Peru
Percent of GDP in Shadow Economy: 66.3
Official GDP: $253 billion
.. oh! .. hello big fella .. i'm working backwards/upwards so that Tanzanian guy fits .. lol ..
.jpg)
No. 5 Biggest Shadow Economy: Tanzania
Percent of GDP in Shadow Economy: 63.0
Official GDP: $57.89 billion
No. 6 Biggest Shadow Economy: Ukraine
Percent of GDP in Shadow Economy: 58.1
Official GDP: $294.3 billion
.. lol, Abbott blew it when he gave Prince Phillip Australia's highest honor .. Green's leader said
he is stuck in a cultural cringe .. lol .. even many of his own party are tut tutting about it .. lmao ..
No. 7 Biggest Shadow Economy: Thailand
Percent of GDP in Shadow Economy: 57.2
Official GDP: $538.6 billion
No. 8 Biggest Shadow Economy: Zimbabwe
Percent of GDP in Shadow Economy: 56.1
Official GDP: $332 million
No. 9 Biggest Shadow Economy: Uruguay
Percent of GDP in Shadow Economy: 56.0
Official GDP: $44.52 billion
No. 10 Biggest Shadow Economy: Guatemala
Percent of GDP in Shadow Economy: 55.0
Official GDP: $69.21 billion
.. a lady and her baby feature in Zambia's photo ..
No. 11 Biggest Shadow Economy: Zambia
Percent of GDP in Shadow Economy: 54.3
Official GDP: $18.5 billion
.. in the Asian Cup, UAE upset Japan a few days ago, so tonight the Socceroos UAE in a semi ..
No. 12 Biggest Shadow Economy: Cambodia (tie)
Percent of GDP in Shadow Economy: 54.2
Official GDP: $28.09 billion
No. 12 Biggest Shadow Economy: Honduras (tie)
Percent of GDP in Shadow Economy: 54.2
Official GDP: $33.17 billion
No. 14 Biggest Shadow Economy: Haiti
Percent of GDP in Shadow Economy: 53.7
Official GDP: $11.9 billion
No. 15 Biggest Shadow Economy: Belarus
Percent of GDP in Shadow Economy: 53.0
Official GDP: $116 billion
No. 16 Biggest Shadow Economy: Republic of the Congo (tie)
Percent of GDP in Shadow Economy: 52.0
Official GDP: $16.41 billion
No. 16 Biggest Shadow Economy: Russian Federation (tie)
Percent of GDP in Shadow Economy: 52.0
Official GDP: $2.116 trillion
No. 18 Biggest Shadow Economy: Armenia
Percent of GDP in Shadow Economy: 51.7
Official GDP: $16.18 billion
No. 19 Biggest Shadow Economy: Chad
Percent of GDP in Shadow Economy: 50.5
Official GDP: $16.26 billion
No. 20 Biggest Shadow Economy: Benin
Percent of GDP in Shadow Economy: 50.4
Official GDP: $13.25 billion
No. 21 Biggest Shadow Economy: El Salvador
Percent of GDP in Shadow Economy: 49.5
Official GDP: $42.92 billion
No. 22 Biggest Shadow Economy: Democratic Republic of the Congo
Percent of GDP in Shadow Economy: 49.4
Official GDP: $21.33
No. 23 Biggest Shadow Economy: Central African Republic
Percent of GDP in Shadow Economy: 48.9
Official GDP: $3.327 billion
No. 24 Biggest Shadow Economy: Gabon
Percent of GDP in Shadow Economy: 48.8
Official GDP: $20.99 billion
No. 25 Biggest Shadow Economy: Philippines (tie)
Percent of GDP in Shadow Economy: 48.4
Official GDP: $324.8 billion
No. 25 Biggest Shadow Economy: Senegal (tie)
Percent of GDP in Shadow Economy: 48.4
Official GDP: $22.38 billion
http://www.bloomberg.com/ss/10/07/0729_worlds_biggest_shadow_economy/1.htm
Greece?
Shadow Economies on the Rise Around the World
By Chris Prentice July 29, 2010 .. bit ..
The size of a shadow economy can be vitally important. As became painfully clear during the Greek economic crisis, one of the factors
that nearly drove the country into bankruptcy was that Greek workers and companies skirted more than 31 billion euros in taxes
.. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=apSz28ifLL9U , which is more than 10 percent of GDP.
http://www.businessweek.com/globalbiz/content/jul2010/gb20100728_303459.htm
.. in Australia we most always get a negative view of European situations .. no doubt there is room to move despite the rules we keep hearing about from .. is it from LeGarde of the IMF .. the current framework over there is clearly not working for Europe or for Greece and it's crazy, (maybe even disingenuous for some) for the miscreant plutocrats who have mishandled the situation so far to now insist the same rules which have not worked so far have to be followed .. there is dismissal, there are timelines .. isn't it plain ridiculous to just stay keeeping on keeepiiiinnng oooon the wrong darn course .. and the Germans particularly should remember the London Agreement Germany 1953 ..
‘The debt forgiveness that was given to Germany in 1953 is what we must do
for Greece,’ says John Milios. Photograph: Panagiotis Moschandreou
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=110221539
----
Greece and Spain helped postwar Germany recover. Spot the difference
Nick Dearden
Sixty years ago, half of German war debts were cancelled to build its economy. Yet today, debt is destroying those creditors
People exchanging food for tickets in 1923 Germany. 'Many, including Keynes, argued that [reparations imposed on Germany
following the Versailles treaty] led to the rise of the Nazis and the second world war.' Photograph: Keystone/Corbis
Wednesday 27 February 2013 07.24 EST
Sixty years ago today, an agreement was reached in London to cancel half of postwar Germany's debt. That cancellation, and the way it was done, was vital to the reconstruction of Europe from war. It stands in marked contrast to the suffering being inflicted on European people today in the name of debt.
Germany emerged from the second world war still owing debt that originated with the first world war: the reparations imposed on the country following the Versailles peace conference in 1919. Many, including John Maynard Keynes, argued that these unpayable debts and the economic policies they entailed led to the rise of the Nazis and the second world war.
By 1953, Germany also had debts based on reconstruction loans made immediately after the end of the second world war. Germany's creditors included Greece and Spain, Pakistan and Egypt, as well as the US, UK and France.
German debts were well below the levels seen in Greece, Ireland, Portugal and Spain today, making up around a quarter of national income. But even at this level, there was serious concern that debt payments would use up precious foreign currency earnings and endanger reconstruction.
More: http://www.theguardian.com/commentisfree/2013/feb/27/greece-spain-helped-germany-recover
Bloomberg
by Chris Prentice
Global Tax Evasion
Despite what many might argue, paying taxes is one of the cornerstones of a healthy economy. More and more citizens around the world are avoiding taxes by operating businesses off the data grid. The boom in "shadow economies" leaves governments insufficient revenue to provide adequate public services, whether that means health care, roads, education, or even better tax collection. In fact, a new report estimates that in 2007, in 162 countries, an average of 35.5 percent of official gross domestic product slipped through the cracks—not counting any fruits from such illegal activities as drug dealing or organized crime. Friedrich Schneider, an economics professor at Austria's Johannes Kepler University of Linz and a co-author of the report, "Shadow Economies All Over the World: New Estimates for 162 Countries from 1999 to 2007," emphasizes that the study's numbers refer only to the amount unpaid by individuals and businesses avoiding taxes or legal labor requirements. The problem is on the rise both in developed and developing nations. The worst offender is the former Soviet republic of Georgia, where an estimated 72.5 percent of GDP was untaxed in 2007. The U.S., while not immune to shadow economic problems, is the world's least-affected country, with a mere 9.0 percent of legally derived GDP escaping the IRS that year.
Click here .. http://images.businessweek.com/ss/10/07/0729_worlds_biggest_shadow_economy/2.htm .. to see the countries with the biggest shadow economies.
--
.. not sure what Greece's is as % of GDP .. i know, i think, so many other countries have even much more .. the list below outed just out of interest (ooi) and will try to grab one for Greece after finished it, 2007 the biggest in terms of GDP ..
the pictures inside are worth dwelling on
.. there was a good chat about the ISIS situation on tv and other stuff, so listening while looking at pictures with a bit of c/p thrown in is kinda fun .. shrug i have heaps of time .. :).. ouch, like those stuck inside in NY and other places .. wow, that snow is BIG .. gee, stay safe all and good luck all!
.. now they are on Abbott's tax review, which is so wide it could touch on every aspect of Australian working people .. people are worried the minimum wage could be cut and penalties rates which do still exist in areas like overtime .. sheesh, just thought of the research which has established the unpaid work that workers do for bosses .. it's big, too .. and many full-time workers here are paid under the poverty line, also as in the USA .. anyway, Labor is calling on Abbott to rule out changes to the minimum wage and to penalty rates .. he's a creep with creeping anti-worker policies big time (lol, i thought long time ago he could be a one termer, would be hard as they gained so much last election, but it is a possibility)
.. ok back to the list, going for No. 11 now .. oops, it was a tie .. hmm, Putin says the Ukrainian army is not an army, but a foreign legion, NATO's foreign legion .. ha, well whatever, Mr Putin, what is of yours that has just been downgraded to junk status by S&P? .. your bonds? ..
---
No.1 Biggest Shadow Economy: Georgia
Percent of GDP in Shadow Economy: 72.5*
Official GDP: $20.29 billion**
No. 2 Biggest Shadow Economy: Bolivia
Percent of GDP in Shadow Economy: 70.7
Official GDP: $45.11 billion
No. 3 Biggest Shadow Economy: Azerbaijan
Percent of GDP in Shadow Economy: 69.6
Official GDP: $86.03 billion
No. 4 Biggest Shadow Economy: Peru
Percent of GDP in Shadow Economy: 66.3
Official GDP: $253 billion
.. oh! .. hello big fella .. i'm working backwards/upwards so that Tanzanian guy fits .. lol ..
.jpg)
No. 5 Biggest Shadow Economy: Tanzania
Percent of GDP in Shadow Economy: 63.0
Official GDP: $57.89 billion
No. 6 Biggest Shadow Economy: Ukraine
Percent of GDP in Shadow Economy: 58.1
Official GDP: $294.3 billion
.. lol, Abbott blew it when he gave Prince Phillip Australia's highest honor .. Green's leader said
he is stuck in a cultural cringe .. lol .. even many of his own party are tut tutting about it .. lmao ..
No. 7 Biggest Shadow Economy: Thailand
Percent of GDP in Shadow Economy: 57.2
Official GDP: $538.6 billion
No. 8 Biggest Shadow Economy: Zimbabwe
Percent of GDP in Shadow Economy: 56.1
Official GDP: $332 million
No. 9 Biggest Shadow Economy: Uruguay
Percent of GDP in Shadow Economy: 56.0
Official GDP: $44.52 billion
No. 10 Biggest Shadow Economy: Guatemala
Percent of GDP in Shadow Economy: 55.0
Official GDP: $69.21 billion
.. a lady and her baby feature in Zambia's photo ..
No. 11 Biggest Shadow Economy: Zambia
Percent of GDP in Shadow Economy: 54.3
Official GDP: $18.5 billion
.. in the Asian Cup, UAE upset Japan a few days ago, so tonight the Socceroos UAE in a semi ..
No. 12 Biggest Shadow Economy: Cambodia (tie)
Percent of GDP in Shadow Economy: 54.2
Official GDP: $28.09 billion
No. 12 Biggest Shadow Economy: Honduras (tie)
Percent of GDP in Shadow Economy: 54.2
Official GDP: $33.17 billion
No. 14 Biggest Shadow Economy: Haiti
Percent of GDP in Shadow Economy: 53.7
Official GDP: $11.9 billion
No. 15 Biggest Shadow Economy: Belarus
Percent of GDP in Shadow Economy: 53.0
Official GDP: $116 billion
No. 16 Biggest Shadow Economy: Republic of the Congo (tie)
Percent of GDP in Shadow Economy: 52.0
Official GDP: $16.41 billion
No. 16 Biggest Shadow Economy: Russian Federation (tie)
Percent of GDP in Shadow Economy: 52.0
Official GDP: $2.116 trillion
No. 18 Biggest Shadow Economy: Armenia
Percent of GDP in Shadow Economy: 51.7
Official GDP: $16.18 billion
No. 19 Biggest Shadow Economy: Chad
Percent of GDP in Shadow Economy: 50.5
Official GDP: $16.26 billion
No. 20 Biggest Shadow Economy: Benin
Percent of GDP in Shadow Economy: 50.4
Official GDP: $13.25 billion
No. 21 Biggest Shadow Economy: El Salvador
Percent of GDP in Shadow Economy: 49.5
Official GDP: $42.92 billion
No. 22 Biggest Shadow Economy: Democratic Republic of the Congo
Percent of GDP in Shadow Economy: 49.4
Official GDP: $21.33
No. 23 Biggest Shadow Economy: Central African Republic
Percent of GDP in Shadow Economy: 48.9
Official GDP: $3.327 billion
No. 24 Biggest Shadow Economy: Gabon
Percent of GDP in Shadow Economy: 48.8
Official GDP: $20.99 billion
No. 25 Biggest Shadow Economy: Philippines (tie)
Percent of GDP in Shadow Economy: 48.4
Official GDP: $324.8 billion
No. 25 Biggest Shadow Economy: Senegal (tie)
Percent of GDP in Shadow Economy: 48.4
Official GDP: $22.38 billion
http://www.bloomberg.com/ss/10/07/0729_worlds_biggest_shadow_economy/1.htm
Greece?
Shadow Economies on the Rise Around the World
By Chris Prentice July 29, 2010 .. bit ..
The size of a shadow economy can be vitally important. As became painfully clear during the Greek economic crisis, one of the factors
that nearly drove the country into bankruptcy was that Greek workers and companies skirted more than 31 billion euros in taxes
.. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=apSz28ifLL9U , which is more than 10 percent of GDP.
http://www.businessweek.com/globalbiz/content/jul2010/gb20100728_303459.htm
.. in Australia we most always get a negative view of European situations .. no doubt there is room to move despite the rules we keep hearing about from .. is it from LeGarde of the IMF .. the current framework over there is clearly not working for Europe or for Greece and it's crazy, (maybe even disingenuous for some) for the miscreant plutocrats who have mishandled the situation so far to now insist the same rules which have not worked so far have to be followed .. there is dismissal, there are timelines .. isn't it plain ridiculous to just stay keeeping on keeepiiiinnng oooon the wrong darn course .. and the Germans particularly should remember the London Agreement Germany 1953 ..
‘The debt forgiveness that was given to Germany in 1953 is what we must do
for Greece,’ says John Milios. Photograph: Panagiotis Moschandreou
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=110221539
----
Greece and Spain helped postwar Germany recover. Spot the difference
Nick Dearden
Sixty years ago, half of German war debts were cancelled to build its economy. Yet today, debt is destroying those creditors
People exchanging food for tickets in 1923 Germany. 'Many, including Keynes, argued that [reparations imposed on Germany
following the Versailles treaty] led to the rise of the Nazis and the second world war.' Photograph: Keystone/Corbis
Wednesday 27 February 2013 07.24 EST
Sixty years ago today, an agreement was reached in London to cancel half of postwar Germany's debt. That cancellation, and the way it was done, was vital to the reconstruction of Europe from war. It stands in marked contrast to the suffering being inflicted on European people today in the name of debt.
Germany emerged from the second world war still owing debt that originated with the first world war: the reparations imposed on the country following the Versailles peace conference in 1919. Many, including John Maynard Keynes, argued that these unpayable debts and the economic policies they entailed led to the rise of the Nazis and the second world war.
By 1953, Germany also had debts based on reconstruction loans made immediately after the end of the second world war. Germany's creditors included Greece and Spain, Pakistan and Egypt, as well as the US, UK and France.
German debts were well below the levels seen in Greece, Ireland, Portugal and Spain today, making up around a quarter of national income. But even at this level, there was serious concern that debt payments would use up precious foreign currency earnings and endanger reconstruction.
More: http://www.theguardian.com/commentisfree/2013/feb/27/greece-spain-helped-germany-recover
It was Plato who said, “He, O men, is the wisest, who like Socrates, knows that his wisdom is in truth worth nothing”
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