As the world continues to respond to growing economic uncertainty, a climate crisis manifesting in various forms across the world and grave effects of the first land war in Europe for decades, it is critical that we also don’t lose sight of and address the issue of corruption.
When it comes to corruption, public sector corruption typically gets most of the attention. Despite the effects of government corruption, corruption in the private sector is also a systematic issue that acts as an enabler of the rampant public sector corruption or what economists refer to as demand-side corruption.
According to the UN, approximately $1 trillion is paid in bribes every year globally while more than two times that $2.6 trillion is stolen annually through corruption. This is equivalent to more than five per cent of the global GDP. A recent study by the International Monetary Fund found that private sector corruption can cost developing countries up to 5 per cent of their GDP each year with small and medium-sized enterprises being particularly vulnerable to corruption.
So, what is private sector corruption? Simply put, private sector corruption refers to unethical or illegal practices that occur within companies or organisations in the private sector such as businesses, non-profit organisations, or other entities that are not owned or operated by the government.
Private sector corruption is frequently referred to as supply-side corruption. Public and private sector corruption is highly...
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