Governments must step up their fight against corruption or face damaging economic and social consequences that risks tipping more countries into crisis, the head of the International Monetary Fund (IMF) Christine Lagarde has warned.
She said that the annual cost of bribery alone was estimated to be more than two percent of global gross domestic product, The Telegraph reports.
“While the direct economic costs of corruption are well known, the indirect costs may be even more substantial and debilitating, leading to low growth and greater income inequality. Corruption perpetuates economic inefficiency, undermines public policy, and exacerbates inequality
