One of the mysteries of the English language finally explained.
The part of a country's economic activity which is unrecorded and untaxed by its government; the black market.‘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.’
- ‘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.’
- ‘The truth is, in this era of free market globalisation, the black economy is alive and kicking.’
- ‘It forces them reluctantly to become part of the black economy, because the cost of legitimately employing a childminder is unviable.’
- ‘An added bonus may be a decrease in the level of activity of the black economy.’
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