black economy


Also found in: Dictionary, Thesaurus, Financial.

black economy

that portion of the income of a nation that remains illegally undeclared either as a result of payment in kind or as a means of tax avoidance

black economy

see INFORMAL ECONOMY.
References in periodicals archive ?
It points out that the concepts and techniques used in the literature to define and estimate black economy, though are very diverse and extensive, presents only a partial, narrow and ad hock understanding, which are used at convenience rather than based on any definitive and broader applicability.
'Black economy, or dark economy is something we wish to overcome through computerisation - with digital economy we are heading towards transparency.
“We are uniting the Black economy by giving every Black citizen of the United States a share in the company,” says Ramzu Yunus, Nation Time's founder and President who intends for the company to manufacture and distribute various goods ranging from food to fuel.
"Since this money is sent out of the country through multiple destinations and layering, it will be challenging to establish the real beneficiaries of these accounts," says Arun Kumar, author of The Black Economy in India and economics professor at Jawaharlal Nehru University.Brar explains that the key challenges are to first secure the prosecution (or even conviction) of account holders in Indian courts, proving that offshored assets had criminal origin, segregate inter-mingled funds, overcome 'puppet' front companies or nominees.
The size of India's black economy is estimated to be about a third of its GDP.
As one in ten of us have yet to pay the bills of last Christmas, a couple of black economy experts are upbeat.
The latest research of the Center for Economic Analysis showed that the black economy in the trade sector covers five percent of the annual GDP which means that around 20 billion denars are spent for services in this sector per year without this amount being officially registered with issued fiscal bills or invoices.
Economic analysts say that the reduction of the number of asylum seekers is due to the fear of announcements on the withdrawal of the visa liberalization and involvement of citizens in black economy. Professor Ali Maksuti explains that citizens want to leave the country because the government is not employing them and no investments are made.
According to the survey on black economy carried out by Statistics Lithuania in 2002 a considerable share of total 104 thousand hidden employees worked in construction and manufacturing industry (23% in each), agricultural, hunting and forestry companies (20% in each).
Black economy is variously referred to as unaccounted economy, illegal economy, subterranean economy or unsanctioned economy.
In Bulgarian, the 'black economy' is called the 'grey economy', a euphemism indicating tolerance vis-A -vis the phenomenon.
ISTANBUL, May 12, 2010 (TUR) -- Visa Europe's Regional Director General Berna Ulman said Tuesday payments with credit cards were low in a country with high level of black economy.