😎 Russia 🇷🇺: The black market as a barrier to business growth, according to entrepreneurs

😎 Russia 🇷🇺: The black market as a barrier to business growth, according to entrepreneurs

Between September and October, the Chamber of Commerce and Industry surveyed 20,319 people, mainly founders and business owners, as well as senior and middle managers.

🔣 51% of entrepreneurs have had contact with illegal businesses in their sectors, and 40% estimate that the black market represents less than 10% of their industry.

🔣 The main characteristics of the black market mentioned were lack of registration (47%), tax evasion (44%), operating without permits (41%), and undeclared wages (34%).

🔣 Among suspicious activity indicators, direct payments to cards and hiring freelancers were noted.

🔣 Nearly 50% of respondents consider the black market’s influence "significant", with 27% reporting "huge" financial losses due to these activities.

➡️ Causes and Effects: Experts point to high taxes as a primary driver of the shadow economy. Oleg Buklemishev, director of the Economic Policy Research Center at Moscow State University, also highlights excessive regulation as another reason why companies choose to operate informally.

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