South Korea: Shadow economy
* indicates monthly or quarterly data series
South Korea |
Shadow economy, percent of GDP |
---|---|
Latest value | 19.83 |
Year | 2015 |
Measure | percent |
Data availability | 1991 - 2015 |
Average | 25.70 |
Min - Max | 19.83 - 30.04 |
Source | Medina and Schneider (2018) |
The latest value from 2015 is 19.83 percent, a decline from 20.36 percent in 2014. In comparison, the world average is 27.78 percent, based on data from 158 countries. Historically, the average for South Korea from 1991 to 2015 is 25.7 percent. The minimum value, 19.83 percent, was reached in 2015 while the maximum of 30.04 percent was recorded in 1998.
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Definition: The shadow economy as percent of total annual GDP. Detailed methodology of the estimations can be obtained from the following International Monetary Fund working paper by Leandro Medina and Friedrich Schneider (2018): Shadow Economies Around the World: What Did We Learn Over the Last 20 Years? The series are discontinued but can still serve as a benchmark in calibration exercises.
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Related indicators | Latest | Reference | Measure |
---|---|---|---|
Rule of law | 1.16 | 2022 | points |
Government effectiveness | 1.35 | 2022 | points |
Control of corruption | 0.75 | 2022 | points |
Regulatory quality | 1.15 | 2022 | points |
Voice and accountability | 0.87 | 2022 | points |
Political stability | 0.56 | 2022 | points |
Corruption perceptions - Transparency International | 63 | 2023 | points |
Political rights | 2 | 2024 | points |
Civil liberties | 2 | 2024 | points |
Competitiveness | 79.60 | 2019 | points |
Cost of starting a business | 14.60 | 2019 | percent of per capita GNI |
Shadow economy | 19.83 | 2015 | percent |
Informal economy, MIMIC method | 26.00 | 2020 | percent |
Informal economy, DGE method | 22.50 | 2020 | percent |