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.
