{
  "title": "The Dark Side of the Global Economy – IMF F&D",
  "sourceUrl": "https://www.imf.org/en/publications/fandd/issues/2019/09/dark-side-of-the-global-economy-lipton",
  "canonical": "https://www.imf.org/en/publications/fandd/issues/2019/09/dark-side-of-the-global-economy-lipton",
  "overlayPath": "/en/publications/fandd/issues/2019/09/dark-side-of-the-global-economy-lipton/index.md",
  "summary": "Acting IMF Managing Director David Lipton discusses the dark side of the global economy and why bringing money out of the shadows means improving governance.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Acting IMF Managing Director David Lipton discusses the dark side of the global economy and argues that bringing money out of the shadows requires improving governance.\n- Global GDP last year was $87 trillion, up from just $11 trillion in 1980.\n- The piece highlights how hidden wealth and illicit flows undermine public revenues, trust in government, and the ability to address inequality and poverty."
    },
    {
      "heading": "Key statistics and figures",
      "content": "- $87 trillion — Global GDP last year.\n- $11 trillion — Global GDP in 1980.\n- $7 trillion — Amount of private wealth estimated to be hidden in offshore financial centers; described as equal to 8 percent of global GDP.\n- 8 percent — Share of global GDP represented by the $7 trillion hidden private wealth.\n- $1 trillion — The gain in government revenue, by one calculation, that could be achieved by reducing corruption around the world by one-third.\n- one-third — Among low-income countries, the share of the budget dedicated to education and health is one-third lower in more corrupt countries.\n- nearly two decades — The period over which the IMF has worked closely with national authorities, multilateral bodies, and the private sector to combat money laundering and the financing of terrorism.\n- last year — The IMF adopted a comprehensive framework for enhanced engagement on governance (as referenced in the text)."
    },
    {
      "heading": "Impacts of hidden wealth and illicit activity",
      "content": "- Drains trillions of dollars from public coffers that could improve people’s lives.\n- Reduces government revenues, weakening the capacity to boost growth in advanced economies, build infrastructure in emerging markets, and improve health and education in developing countries.\n- Contributes to weakening of trust in government and undermines the ability to address key economic problems like inequality and poverty.\n- Increases regulatory and enforcement challenges in the face of digital finance, crypto assets, cybercrime, and the dark web."
    },
    {
      "heading": "IMF response and policy directions",
      "content": "- The IMF has worked to combat money laundering and the financing of terrorism, strengthen fiscal transparency, and confront corruption.\n- Emphasis on governance: how countries define and implement economic policies and adhere to the rule of law.\n- The IMF adopted a comprehensive framework for enhanced engagement on governance that encompasses functions most relevant to the economy, including:\n  - tax collection,\n  - central banking,\n  - financial sector oversight and market regulation.\n- Improving governance requires sustained, long-term effort and joint action among countries and institutions."
    },
    {
      "heading": "Author perspective and conclusion",
      "content": "- The IMF cannot ensure a revival of international cooperation on its own but must prepare for the possibility that countries will rediscover the importance of cooperation; if they do, the Fund can be an invaluable instrument.\n- Improving governance is framed as both morally right and practically beneficial, delivering tangible benefits to millions of people.\n\nActing IMF Managing Director David Lipton, F&D Magazine – September 2019\n\n---\n\n Content in this bundle\n\n- إجلاء الظلمة\n  - إجلاء الظلمة (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - إجلاء الظلمة (PDF){rel=\"external\" type=\"application/pdf\"}\n- The Dark Side of the Global Economy – IMF F&D\n  - The Dark Side of the Global Economy – IMF F&D (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - The Dark Side of the Global Economy – IMF F&D (PDF){rel=\"external\" type=\"application/pdf\"}\n- Sacar a la luz ● Finanzas y Desarrollo ● Septiembre de 2019\n  - Sacar a la luz ● Finanzas y Desarrollo ● Septiembre de 2019 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Sacar a la luz ● Finanzas y Desarrollo ● Septiembre de 2019 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Mise en lumière\n  - Mise en lumière (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Mise en lumière (PDF){rel=\"external\" type=\"application/pdf\"}\n- 光を照らす　デビッド・リプトン著　ファイナンス＆ディベロップメント 2019年9月\n  - 光を照らす　デビッド・リプトン著　ファイナンス＆ディベロップメント 2019年9月 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 光を照らす　デビッド・リプトン著　ファイナンス＆ディベロップメント 2019年9月 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Пролить свет – Финансы и развитие – сентябрь 2019 года\n  - Пролить свет – Финансы и развитие – сентябрь 2019 года (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Пролить свет – Финансы и развитие – сентябрь 2019 года (PDF){rel=\"external\" type=\"application/pdf\"}\n- 启示之光 - 《金融与发展》2019年9月号·第56卷·第3期 - 国际货币基金组织季刊\n  - 启示之光 - 《金融与发展》2019年9月号·第56卷·第3期 - 国际货币基金组织季刊 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 启示之光 - 《金融与发展》2019年9月号·第56卷·第3期 - 国际货币基金组织季刊 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/fandd/issues/2019/09/dark-side-of-the-global-economy-lipton"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/fandd/issues/2019/09/dark-side-of-the-global-economy-lipton/index.md)",
    "[Structured JSON version](/en/publications/fandd/issues/2019/09/dark-side-of-the-global-economy-lipton/index.json)",
    "[Bundle manifest](/en/publications/fandd/issues/2019/09/dark-side-of-the-global-economy-lipton/bundle-manifest.json)",
    "Authors: DAVID LIPTON",
    "Published: September 1, 2019",
    "Acting IMF Managing Director David Lipton discusses the dark side of the global economy and argues that bringing money out of the shadows requires improving governance.",
    "Global GDP last year was $87 trillion, up from just $11 trillion in 1980.",
    "The piece highlights how hidden wealth and illicit flows undermine public revenues, trust in government, and the ability to address inequality and poverty.",
    "$87 trillion — Global GDP last year.",
    "$11 trillion — Global GDP in 1980.",
    "$7 trillion — Amount of private wealth estimated to be hidden in offshore financial centers; described as equal to 8 percent of global GDP.",
    "8 percent — Share of global GDP represented by the $7 trillion hidden private wealth.",
    "$1 trillion — The gain in government revenue, by one calculation, that could be achieved by reducing corruption around the world by one-third.",
    "one-third — Among low-income countries, the share of the budget dedicated to education and health is one-third lower in more corrupt countries.",
    "nearly two decades — The period over which the IMF has worked closely with national authorities, multilateral bodies, and the private sector to combat money laundering and the financing of terrorism.",
    "last year — The IMF adopted a comprehensive framework for enhanced engagement on governance (as referenced in the text).",
    "Drains trillions of dollars from public coffers that could improve people’s lives.",
    "Reduces government revenues, weakening the capacity to boost growth in advanced economies, build infrastructure in emerging markets, and improve health and education in developing countries.",
    "Contributes to weakening of trust in government and undermines the ability to address key economic problems like inequality and poverty.",
    "Increases regulatory and enforcement challenges in the face of digital finance, crypto assets, cybercrime, and the dark web.",
    "The IMF has worked to combat money laundering and the financing of terrorism, strengthen fiscal transparency, and confront corruption.",
    "Emphasis on governance: how countries define and implement economic policies and adhere to the rule of law.",
    "The IMF adopted a comprehensive framework for enhanced engagement on governance that encompasses functions most relevant to the economy, including:",
    "Improving governance requires sustained, long-term effort and joint action among countries and institutions.",
    "The IMF cannot ensure a revival of international cooperation on its own but must prepare for the possibility that countries will rediscover the importance of cooperation; if they do, the Fund can be an invaluable instrument.",
    "Improving governance is framed as both morally right and practically beneficial, delivering tangible benefits to millions of people.",
    "**إجلاء الظلمة**",
    "**The Dark Side of the Global Economy – IMF F&D**",
    "**Sacar a la luz ● Finanzas y Desarrollo ● Septiembre de 2019**",
    "**Mise en lumière**",
    "**光を照らす　デビッド・リプトン著　ファイナンス＆ディベロップメント 2019年9月**",
    "**Пролить свет – Финансы и развитие – сентябрь 2019 года**",
    "**启示之光 - 《金融与发展》2019年9月号·第56卷·第3期 - 国际货币基金组织季刊**"
  ],
  "related": [
    {
      "title": "إجلاء الظلمة",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/fandd/article/2019/september/ar/lipton.pdf",
      "summary": {
        "path": "/-/media/files/publications/fandd/article/2019/september/ar/lipton.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/fandd/article/2019/september/ar/lipton.pdf",
        "mime": "application/pdf"
      }
    },
    {
      "title": "The Dark Side of the Global Economy – IMF F&D",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/fandd/article/2019/september/dark-side-of-the-global-economy-lipton.pdf",
      "summary": {
        "path": "/-/media/files/publications/fandd/article/2019/september/dark-side-of-the-global-economy-lipton.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/fandd/article/2019/september/dark-side-of-the-global-economy-lipton.pdf",
        "mime": "application/pdf"
      }
    },
    {
      "title": "Sacar a la luz ● Finanzas y Desarrollo ● Septiembre de 2019",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/fandd/article/2019/september/es/dark-side-of-the-global-economy-lipton.pdf",
      "summary": {
        "path": "/-/media/files/publications/fandd/article/2019/september/es/dark-side-of-the-global-economy-lipton.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/fandd/article/2019/september/es/dark-side-of-the-global-economy-lipton.pdf",
        "mime": "application/pdf"
      }
    },
    {
      "title": "Mise en lumière",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/fandd/article/2019/september/fr/dark-side-of-the-global-economy-lipton.pdf",
      "summary": {
        "path": "/-/media/files/publications/fandd/article/2019/september/fr/dark-side-of-the-global-economy-lipton.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/fandd/article/2019/september/fr/dark-side-of-the-global-economy-lipton.pdf",
        "mime": "application/pdf"
      }
    },
    {
      "title": "光を照らす　デビッド・リプトン著　ファイナンス＆ディベロップメント 2019年9月",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/fandd/article/2019/september/jp/lipton.pdf",
      "summary": {
        "path": "/-/media/files/publications/fandd/article/2019/september/jp/lipton.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/fandd/article/2019/september/jp/lipton.pdf",
        "mime": "application/pdf"
      }
    },
    {
      "title": "Пролить свет – Финансы и развитие – сентябрь 2019 года",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/fandd/article/2019/september/ru/dark-side-of-the-global-economy-lipton.pdf",
      "summary": {
        "path": "/-/media/files/publications/fandd/article/2019/september/ru/dark-side-of-the-global-economy-lipton.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/fandd/article/2019/september/ru/dark-side-of-the-global-economy-lipton.pdf",
        "mime": "application/pdf"
      }
    },
    {
      "title": "启示之光 - 《金融与发展》2019年9月号·第56卷·第3期 - 国际货币基金组织季刊",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/fandd/article/2019/september/zh/dark-side-of-the-global-economy-lipton.pdf",
      "summary": {
        "path": "/-/media/files/publications/fandd/article/2019/september/zh/dark-side-of-the-global-economy-lipton.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/fandd/article/2019/september/zh/dark-side-of-the-global-economy-lipton.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/fandd/issues/2019/09/dark-side-of-the-global-economy-lipton/index.md",
    "json": "/en/publications/fandd/issues/2019/09/dark-side-of-the-global-economy-lipton/index.json",
    "bundleManifest": "/en/publications/fandd/issues/2019/09/dark-side-of-the-global-economy-lipton/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-15T05:01:16.259Z"
}