The act of misuse of authority for personal gain is corruption. Including the taking of bribed to patronage, it encompasses a broad action range. It includes corporate or public office expenses to utilize authority for actions that are less than legal. Around the world, corruption is a persistent phenomenon to varying degrees. In developing countries, it is more prevalent and exists less in developed countries. According to the World Bank report, US Dollars 1 trillion is paid in bribes worldwide annually.
Countries Experience Less Corruption:
If a country has a healthy market the country experience less corruption. However, the size of the government is small and decentralized. Also, there are strong institutions for accountability.
These types of conditions generally exist in developed countries that experience less corruption than developing countries. Furthermore, the studies are conducted to lessen the secondary causes of corruption. As it includes a lack of transparency and a gagged media.
To create an environment for corruption all these factors and factors to counter the problems work together. According to the research of EconStor, decentralization is effective in combating corruption. However, it is only when a country gets associated freedom of the press.
Effects Of Corruption In Damaging Countries:
Corruption damages a country’s international standing, human development, and economic development of a nation. 20% of the poorest countries experience negative effects on income growth because of corruption.
The significant effect among economic consequences of corruption. It includes the flow of capital outside of the country and the loss of investor confidence. Besides this, it causes a loss of confidence in the public and government sectors. It can damage in the long run development as well.
Furthermore, there is less corruption where the national institutions are more transparent. As transparency ensures the oversight of the public on decision making. And ensures that the stakeholders have overside of the corporate decision making.
5 Most Corrupt Countries Of The World:
Tajikistan:
Tajikistan is a Central Asian country where corruption is widespread. According to the report of Freedom House, in Tajikistan all most in all sector bribes is prevalent. The chairman of Tajikistan’s Nation had made $5500 million loans uncleared.
However, no action is taken against the Chairman. Also, the report highlights Tajistan’s rampant nepotism with the monopoly of trade connected with the ruling elite. Many companies don’t want to do business in Tajikistan due to corruption.
Zimbabwe:
It is a country located in Southeast Africa. Zimbabwe is an impoverished country with widespread inequality and corruption. Moreover, police and other public officials demand bribes normally to the extent that no citizen questions it.
Nicaragua:
The country is located in Central America. In Nicaragua corruption is endemic and has practically affected the business community. The business owner is being affected because of cronyism and nepotism.
Cambodia:
The country is located in Southeast Asia. In Cambodia, corruption is widespread. There are violations of traffics to legal verdicts from bribes. The country encounters bribes in its everyday living.
Every day there is corruption in medical services, traffic violating, and pursuing fair court verdicts. Companies have to pay bribes while obtaining licenses and permits. Furthermore, there is no protection for whistleblowers. According to the 2010 Anti-Corruption law, if someone reports it without proving he/she can be jail for 6 months.
Chand:
Chand is a landlocked country located in Africa. Corruption in the country is a normalized and everyday phenomenon. The judicial system of the country is quasi-independent and verdicts of judges.
Furthermore, the country police operate with impunity when it comes to the security forces. According to Transparency International, they are involving in various crimes. The crimes are taking place due to a lack of transparency and excess public information.
Besides these, there are many other corrupt counties including Comoros, Eritrea, Iraq, and so on.
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