The world’s G-20 finance ministers are due to meet in Australia later this month at a time when Europe risks being drawn into another recession and when growth in China is slumping. It’s safe to say that tackling corruption, which isn’t an issue that will likely bring cooperation among all parties, will not be atop the summit’s agenda. However, a report released last week by the international advocacy organization, the ONE Campaign, hopes to force the issue with policymakers.
According to ONE, the global economy loses at least $1.18 trillion every year to corruption, representing roughly 0.6% of global GDP. ONE arrived at these numbers through three approaches: tracking illicit financial flows (such as drug trafficking, human trafficking, illegal arms and contraband); looking at estimates from the UN Office on Drugs and Crime; and an aggregation of a range of these methodologies (money laundering, bribery, tax evasion and trade mispricing).