LV: Latvia's shadow economy largest in EU-WB.

By bne IntelliNews July 22, 2010
The extend of ,,shadow" economy in Latvia is higher than global average and the highest among EU member states, survey published by the World Bank shows. Econometric study performed during 1999-2007 in 151 countries estimates that proportion of shadow economy in Latvia is 41% of official GDP, which is 109 th highest indicator. Both Estonia and Lithuania have lower indicators (40.3% and 31.9% of GDP), as well as the rest of EU member states. WB notes that shadow economy is influenced by the extend of the tax burden, labour market regulation, quality of public services and governance, and overall economic condition.

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