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ImpactBlog

Weekly Wire: the Global Forum

Kalliope Kokolis's picture

These are some of the views and reports relevant to our readers that caught our attention this week.

The Guardian
Why eliminating corruption is crucial to sustainability

“Ethical business practices are a critical aspect of sustainability, yet progress towards eliminating bribery and corruption appears to be elusive in the face of persistent headlines such as the recent forced resignation of Avon CEO Andrea Jung, the IKEA incident in Russia and the conviction of former French president Jacques Chirac.

Corruption continues to have a dire effect on the global economy. In fact, The World Bank and the World Economic Forum estimate that corruption costs more than 5% of global GDP ($2.6tn) annually, and estimate that more than $1tn is paid in bribes annually. These organisations suggest that corruption adds 10% to the total cost of doing business globally, and a staggering 25% to the cost of procurement contracts in developing countries.”  READ MORE