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Saturday, 18 November 2017

Black Market in the Daylight

Khartoum –Black Market, or underground economy, or shadow economy all these names describe

this economic financial process out of the formal channels or transaction that has some aspects of illegality. In other words, it is the activity that takes place outside the government sanctions. This sort of economy appeared when people don’t want to pay taxes on transactions for legal or illegal goods or services. It operates with no isolation in our societies in the developing countries even those developed one.
No one can deny its negative impact on economy; money goes in and out the black market, so for sure it does impact on the economy. Economic experts said that depending on goods and services, the black market can also has its impact on the supply and demand for an individual firm or company.
Developing countries are highly affected by such illegal practicing, for its economies are not strong enough to face such phenomena. In these developing countries, in general as a government tries to impose more control of its economy, black market activity will support a large fraction of the country economic activity. It is estimated that in developing countries black market activity accounts for more than half of the Gross National Product GNP.
Governments in these developing countries set different strategies ad policies to combat this sort of ongoing economic activity which operates as well as the national economy of these countries. Economic experts described such underground economy as one of threatens of the economies in the third world. Combating corruption in its all shapes, styles and places, is the focal point in creating healthy economy lead to strong stabled economy. Commitment in paying taxes on transactions through its formal channels, using of money for legal goods and services all have their role in economic stability, and strengthening the national currency of these developing countries.
Sudan after lifting of US economic sanctions expects to do lots things supporting the GNP, and rehabilitating the economy by attractive more huge foreign investments, providing more facilities according to the investment laws in Sudan. Economic real strategies and plans will make the country avoid wrong or illegal economic practices .Then the Black market will reduce and become limited and works in shadow, underground and in the dark not in the daylight.