The Economy Ministry estimates that 42 percent of the nation’s economy, or about $18 billion, was unaccounted for in the first six months of 2015. Since 2008 an average of 44.5 percent of the nation’s gross domestic product has gone unregistered, according to Friedrich Schneider, an Austrian economics professor.
According to Kyiv-based investment bank Dragon Capital, $328 billion have escaped official detection in 2011-2015. On a larger scale, undeclared work and illicit financial flows remain the principal problems. They include tax invasion, capital flight, money laundering, and misuse of budget revenues. Most dangerous one is the shadow economy in the government sector,it is based on corruption and destroys country's economy. Read more at http://www.kyivpost.com
According to Kyiv-based investment bank Dragon Capital, $328 billion have escaped official detection in 2011-2015. On a larger scale, undeclared work and illicit financial flows remain the principal problems. They include tax invasion, capital flight, money laundering, and misuse of budget revenues. Most dangerous one is the shadow economy in the government sector,it is based on corruption and destroys country's economy. Read more at http://www.kyivpost.com
