SEJONG, Feb. 17 (Korea Bizwire) – The underground economy accounted for 8 percent of South Korea’s gross domestic product (GDP) in 2015 amid the government’s efforts to reduce the black market, a state-run think tank said Friday. The Korea Institute of Public Finance (KIPF) said in its latest report that the shadow economy was estimated [...]
SEJONG, Sept. 19 (Korea Bizwire) – The size of South Korea’s underground economy is equivalent to 10 percent of the nation’s gross domestic product, while tax evasion amounts to 3.7 percent, much higher than they are in other advanced countries, a research paper said Monday. Professor Kim Jong-hee of Chonbuk National University, drawing his conclusions [...]
SEOUL, July 8 (Korea Bizwire) – A recent assessment revealed the potential danger of South Korea’s underground economy playing a role in the financing of terrorism. The issue was brought to light on Thursday by professor Kang Kyoung-hun from Dongguk University during a public hearing into the dangers of money laundering in Korea organized by [...]
SEOUL, Dec.2 (Korea Bizwire) – A study said the volume of the underground economy related to counterfeit goods is estimated at 26 trillion won (US$23.5 billion), with potential tax loss reaching as high as 500 billion won. Joo Won, senior research fellow with Hyundai Economic Research Institute, said on December 1 in a report titled “Estimating the [...]