Definition of shadow economy in US English:

shadow economy


  • Illicit economic activity (such as black market transactions and undeclared work) existing alongside a country's official economy.

    • ‘Membership has instead arguably contributed to a growth in the shadow economy, and most notably, contraband, due to tax harmonization.’
    • ‘However, it is feared that as far as a significant part of this money comes from the shadow economy, they will most probably stay out of the banks.’
    • ‘It's because of the big share of the shadow economy in the sector.’
    • ‘I think that the important thing is to focus on the formal and informal zones and realize that the two are dependent on each other just as the shadow economy depends on the formal economy and vice versa.’
    • ‘By then thousands have disappeared into jobs in the shadow economy.’
    • ‘The centralised revenue collection is expected to improve state control and to reduce the share of the shadow economy.’
    • ‘The import of poultry and poultry products should be controlled, it should be limited for 200 days, and the shadow economy, which creates unfair competition for legitimate producers, should be eliminated.’
    • ‘Recent estimates suggest that the shadow economy, where illegal aliens must operate, drains as much as a trillion dollars from the U.S. mainstream economy.’
    • ‘Many women in the global South work not in the formal economy but in the informal economy, a kind of shadow economy not reflected in official records.’
    • ‘Dimitrov said that the most serious problems that would have to be solved are organized smuggling channels, money laundering, the shadow economy and the existing mechanisms for customs fraud which received government protection.’
    • ‘Shuleva said the shadow economy should be reduced first, so as to widen the base of contribution payments prior to cutting them.’
    • ‘Meanwhile, opium has been reborn as a $2.5 billion shadow economy, twice the amount of foreign aid received in 2002 and more than the government's entire $2.25 billion budget.’
    • ‘The origins of this situation, one source says, lay in the corrupt practices and shadow economy of the Soviet era.’
    • ‘The shadow economy still poses a threat to the developing economy of Bulgaria, according to recent research by employment experts and state officials.’
    • ‘There were halcyon visions of a shadow economy developing.’
    • ‘Heck, if the problem is the bulge in benefits represented by baby boomers, pay for it by bringing more people into the workforce - namely, the millions of undocumented aliens now working in a shadow economy.’
    • ‘According to Gutierrez, this shadow economy exists because the guise of recycling and reusing electronics gives dealers ‘a green passport’ to ship waste around the globe.’
    • ‘‘I fully agree with you that high taxes have a negative social impact, which drives the unfair business to redirect their operations into the shadow economy,’ Velchev said.’
    • ‘These included bureaucracy, taxes, and the shadow economy.’
    • ‘There she strikes up a tentative friendship with the eight-year-old daughter of a close-knit family working other menial branches of Hong Kong's shadow economy.’