Definition of underground economy in English:

underground economy

noun

North American
  • The part of a country's economic activity that is unrecorded and untaxed by its government; the black market.

    • ‘They include new tax breaks for investments and a temporary tax amnesty to lure companies out from the huge underground economy.’
    • ‘Corporations are helping, essentially, to bring a huge chunk of the underground economy into the mainstream.’
    • ‘He defines ‘legal GDP’ as officially reported GDP minus the underground economy's GOP.’
    • ‘On the other hand, the especially rapid growth of the underground economy in the transition economies is viewed somewhat more seriously, although perhaps as a more extreme case of a more general global problem.’
    • ‘You can get a minimum wage gig with no benefits and an income that will be below the poverty level, you can join the military, or you can get yourself a gig in the underground economy.’
    • ‘Some economists estimate that the underground economy makes up as much as 20 percent of the country's GDP.’
    • ‘In the region, the underground economy plays an even larger role.’
    • ‘A black market is also called an underground economy or unregulated economy.’
    • ‘The advice they received was that incentives and revenue would rise and that the underground economy and tax evasion would decline.’
    • ‘A burgeoning underground economy accounts for something between nine and 29 percent of the city's economic activity.’
    • ‘Its underground economy, made up of both unsavory businesses and more mundane ones that lack a government stamp, is enormous but uncountable.’
    • ‘‘I make more money in San Francisco than in Berkeley,’ a panhandler notes as he compares strategies of the underground economy with a colleague in the back of the bus.’
    • ‘However, revenue collections are limited because of the relatively small taxpayer base and the massive underground economy.’
    • ‘There is the economy you see - manufacturing, trucking, and retail - and there is the vast underground economy that runs, like an aquifer, beneath the borderlands.’
    • ‘In this way, the government can eliminate the underground economy and tax evasion and individuals will enjoy more economic security.’
    • ‘Of course the tax base may be declining rather remarkably because of the number of jobs that are being exported overseas and an underground economy in which taxes aren't paid at all.’
    • ‘He points out that policymakers can lower benefits and increase the cost of entry to the underground economy by simply cutting taxes.’
    • ‘Thus, it may be that the most widely accepted estimates of the size of the underground economy in advanced market capitalist economies rely upon estimates of the use of currency compared to GDP.’
    • ‘Some analysts estimate the total cost of the underground economy to be 15 per cent of the GDP in the country.’
    • ‘An underground economy has also thrived in these hills for generations, since before Prohibition when liquor was smuggled in huge quantities through the quiet back roads.’

Pronunciation

underground economy