Definition of black economy in English:

black economy

noun

British
  • The part of a country's economic activity which is unrecorded and untaxed by its government:

    ‘a lot of childcare is in the black economy’
    • ‘Although not officially assimilated into that society, they have become the mainstay of a black economy, exploited and appreciated in equal measure.’
    • ‘It forces them reluctantly to become part of the black economy, because the cost of legitimately employing a childminder is unviable.’
    • ‘The truth is, in this era of free market globalisation, the black economy is alive and kicking.’
    • ‘An added bonus may be a decrease in the level of activity of the black economy.’
    • ‘The EU estimates that the black economy accounts for around 20 per cent of the GDP in several countries, while the figure for other countries is put at 30 per cent.’

Pronunciation:

black economy

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