Making Money Minute with Ron Hiebert - Black Markets

The world’s shadow economy, or black market, includes everything from street vendors to illicit drug trade. It is that grey area of finance where government has no control, and does not tax. Globally, the black market is huge - generating an estimated 12.5 trillion dollars annually in revenue. In places like Brazil, India and China, the shadow economy is responsible for over 20% of the countries economic activity. In western countries like the US, UK, Germany and Japan, that number is between 5-7%. Black markets make economic forecasting difficult. It is hard to predict what you can’t accurately measure.

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