Jan 312013
 
World Bank estimates losses due to corrupt acts at $1.3 trillion

By Cathy C. Yamsuan Philippine Daily Inquirer 3:51 am | Friday, February 1st, 2013 An anticorruption crusader on Thursday cited a World Bank financial study that quantified the “devastating effect” of illicit financial flows through corruption at $1.3 trillion a year. Dr. Naser Al Sane, outgoing chairman of the Global Organization of Parliamentarians Against Corruption (Gopac), said losses due to corrupt practices ranging from bribery to theft and tax evasion would be equivalent to the combined economies of Switzerland, South Africa and Belgium. “This amount of money could lift the lives of 1.4 billion people living on less than $1.25 a day… for at least six years. Al Sane, a Kuwaiti member of Parliament, said countries with “weak governments” as a result of irregular practices “have a 30-45 percent higher risk of civil war,” citing a separate World Bank development report in 2011. He lamented that many global leaders would invoke the UN Convention Against Corruption during their political campaigns “yet do nothing” in achieving its goal. “Look at the regimes that are falling in the Middle East! All dictators fall because of revolutions.  They belonged to countries that ratified anticorruption treaties,” Al Sane said. He also warned that global corruption “is getting worse.” “It’s a monster everywhere facing us. This is a challenge not only to us [but] to all activists,” he said.  

Jan 212013
 

The Philippine economy is expected to continue growing by more than 6% in the next three years, according to a World Bank report. The post WB forecasts PH growth at more than 6% through 2015 appeared first on Good News Pilipinas. You might also like: World Bank raises Philippines 2012 growth forecast anew ADB hikes Philippine growth forecast, cuts rest of Asia ADB forecasts faster Phl economic growth in 2012 and 2013