Corruption has a 'Shocking' cost

Introduction

 Corruption is huge issue world wide, and present in all countries. The  rich and poor, north and south, developed and developing- Numbers show the startling scope of the challenge. 

United Nations Secretary General Antonia Guterres revealed that 'cost of corruption' is at least $2.6 trillion. That means 5% of Global GDP. Corruption is deeply connected with bureaucratic and political institutions.

Defining corruption

The term corruption covers a broad range of human actions. For example, Public office is abused for private gain when an official accepts, solicits, or extorts a bribe. It is also abused when private agents actively offer bribes to circumvent public policies and processes for competitive advantage and profit.   

Impacts of the Corruption

Corruption rots institutions, as official enrich themselves or ignore criminality. 

Corruption deprives people of their rights and drives away foreign investments as well. Eventually it is the root of political dysfunction and social disunity. 

Many forms of instability and violence are also connected with the corruption as illicit trafficking of weapons, drugs and people are only possible in corrupt environment. 

There is a connection between- corruption, terrorism and violent extremism. 

     

Bribes have an estimate too- According to the world Bank, business and Individual pay more than $1 trillion bribes each year.  Billions of money is poured for fixing the problems arising from corruption.  That if continues, will shut down the governments and institutions.  There are possibilities if corruption remains prevalent, it will turn the world backward. 

Transparency International 

Transparency International published, "Corruption Perception Index -2017' and stated that most of the countries are making less or no progress in removing corruption as shown in the image shown --

 The countries which are in dark red color are higher in corruption, while yellow shows very clean system. The world is filled with corruption. 

The only countries which are less corrupt the index is shown-

The New Zealand topped the list. (Full details can be accessed from clicking this)

What should be done?

The governments should ensure the independence of judiciary, media freedom and whistleblower protections. 

International community should work effectively against money laundering , tax evasion and the illicit financial flows. 

Transparency should be in government's functioning. 

Government should be accountable for the governance. 

Read World Bank's Report on Corruption