As the Washington Post reports, China Russian, India and Mexico launder as much money as the next 141 developing countries combined. Black money, explains a question that troubled development economists for long - why developing countries fail to grow despite large foreign aid. As these findings have proven time and again every year, roughly US$ 1 trillion flows illegally out of developing and emerging economies due to crime, corruption, and tax evasion—more than these countries receive in foreign direct investment and foreign aid combined.
Posted on: Sat, 20 Dec 2014 14:53:12 +0000
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