Posted 03 December 2013 - 03:03 AM

The hidden economy is draining 100 billion dollars from the resources of Saudi Arabia

Source: dinarvets.com

Date: December 3, 2013

 

Called experts all ministries Saudi Arabia, particularly the interior, finance and trade, labor and Saudi Arabian Monetary Agency and the Department of Statistics and other relevant agencies, to limit the spread of the phenomenon of "gray economy", which estimated its size at about 330 billion riyals, and is expected to reach at the end of this year to 400 billion riyals. Experts stressed during their talk to Al-Sharq Al Arabia that hidden economy is prevalent in all countries of the world, and that the campaign of corrective labor offense will limit its spread, demanding relying on electronic transactions and reduce cash handling "Cache." For his part, said economic analyst Essam Khalifa The hidden economy is one of the phenomena involving all countries of the world, crimes of theft, fraud, extortion and money laundering and concealment of trade and commercial fraud and crimes of tax evasion and circumvention of laws and procedures insisted and the successor to the underground economy includes all economic transactions that are not recognized in the accounts of the gross national product, In some cases, rates are growing gray economy by more than economics official. pointed out that the hidden economy achieves revenue and big gains for a class of people billions of riyals, but at the expense of the national income, and lead to social impact is very bad, most notably increasing the rich richer and the increasing poor poorest also cause poor distribution of resources among the people.added that the main causes of the hidden economy higher proportion of moral corruption and administrative bureaucracy and complexity in the government and private sectors, and poor interpretation and the interpretation of legal, high living costs and low per capita income, and lack of job satisfaction, and high unemployment, and lack of effectiveness regulatory agencies in the detection of workers in the gray economy, either because of dependency or the lack of financial and human resources. added Khalifa, saying that the phenomenon of concealment commercial drain the financial resources of the country and its transition to the outside, where the study estimates issued by the International Monetary Fund, that he had been in the Kingdom of converting 194 billion dollars , (727.5 billion riyals) during the period from 2000 to 2010, the annual rate is estimated at 72.75 billion riyals, this according to the Census of funds emerging, we do not know how it is the money that comes out in informal ways, but billions of riyals annually. considered Khalifa that these figures Conversions scary and dangerous, pointing out that it is not hidden from the officials in the Ministry of Finance and Commerce and all of this has to do with transfers. With deep regret, it continues to increase and the biggest loser of this phenomenon, the national economy and citizens. , said a member of the Shura Council and economic analyst Dr Fahd bin Juma said he had filed a proposal to the Council for the development of a system for the economy of the hidden and approved by the head of the Shura Council, and currently under vote by the competent committees of the Council, and will be announced soon, adding that the UN statistics confirm that the size of the hidden economy is estimated at 18% per annum of the size of the GDP of the Kingdom. said it cost us the hidden economy in 2013 amounted to 330 billion riyals, and expect to arrive in end of the year to 400 billion riyals. He pointed out that the hidden economy latest distortions in the real economy of the Kingdom through the non-appearance of the statistics the real economy of the Kingdom, pointing out that the underground economy is not limited to foreigners, but also from the Saudis who hide their investments through concealment of which corresponds to approximately 60% of the economy invisibility.

Edited by yota691, 03 December 2013 - 03:04 AM.