Global Corruption Risks Tipping More Countries Into Crisis, IMF Warns

Christine Lagarde, the head of the International Monetary Fund, will attend the summit, hosted by David Cameron

by Szu Ping Chan

Governments must step up their fight against corruption or face damaging economic and social consequences that risks tipping more countries into crisis, the head of the International Monetary Fund (IMF) has warned.

Ahead of an international anti-corruption summit in London on Thursday, Christine Lagarde outlined the economic costs, noting that the annual cost of bribery alone was estimated to be more than £1 trillion.

“While the direct economic costs of corruption are well known, the indirect costs may be even more substantial and debilitating, leading to low growth and greater income inequality,” she wrote in an essay.

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