The shadow economy in Armenia was the smallest in 2015 among the countries of the South Caucasus. According to the International Monetary Fund, shadow economy in our country's GDP amounted to about 36%.

In 2015, the highest shadow economy in the region was in Georgia - 53%, followed by Azerbaijan - 43.6%.

The report notes that in the world, the shadow economy grew dramatically in 1991- 2015. Over 10 key causes of "gray" economy are listed, including tax burden and unfavorable social security, corrupted management system, poor supervision, fraudulent taxpayers, weak economic growth rates, and more.

The company has studied economy of about 160 countries, presenting both annual and average indicators. In 1991-2015, Armenia's shadow economy made up 42.5% of GDP, 65% in Georgia and 53% in Azerbaijan.

The highest shadow economy in Armenia was registered in 1992, 49.5%, and the lowest in 2013 - 34.5%. The shadow index increased by more than 1% in 2014-2015.

In 1991-2015 the highest shadow economy in the world was recorded in Bolivia - 62.3%, and Zimbabwe - 60.6%, in Austria - 8.9%, and in Switzerland - 7.2%.

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