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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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 Posted: Thu Jan 17, 2008 12:47 am Post subject: Underground economy or black market in Korea |
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Underground Economy Accounts for 30% of GDP
By Park Hyong-ki, Korea Times (January 17, 2008)
http://www.koreatimes.co.kr/www/news/biz/2008/01/123_17466.html
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... The Korea Chamber of Commerce and Industry (KCCI) estimated that the underground economy accounts for about 30 percent of the GDP with the size of the market reaching nearly 250 trillion won.
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The underground economy, or black market, refers to businesses that are conducted illegally out of the government's radar to evade taxes through untraceable settlement methods such as money laundering or cash transactions.
The chamber said Korea's underground economy is one of the worst among OECD economies, ranking 43rd out of 145. The underground economy in the United States accounts for about 8.4 percent of its GDP; 10.8 percent for Japan; 13.1 percent for Singapore; 15.6 percent for China; and 16.6 percent for Hong Kong. |
Korea Times
http://www.koreatimes.co.kr/upload/news/080117_p01_underground.jpg
27% of Economy Goes Underground
By Kim Sung-jin, Korea Times (February 26, 2006)
http://www.koreatimes.co.kr/www/news/nation/news_view.asp?newsIdx=2825725 |
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Hanson
Joined: 20 Oct 2004
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| Posted: Thu Jan 17, 2008 3:02 am Post subject: |
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| Welcome back, RR. Where d'ya go? |
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bobbyhanlon
Joined: 09 Nov 2003
Location: 서울
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| Posted: Thu Jan 17, 2008 9:26 am Post subject: |
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| if 이명박 found a smart way of reducing that percentage, he'd probably be able to con his way towards that magic $40,000 per capita.. |
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