Impact of bribery on growth is huge: OECD

Impact of bribery on growth is huge: OECD

ISTANBUL - Anadolu Agency
The cost of bribery and its impact on economic growth is huge, Nicola Bonucci, head of legal affairs at the Organization for Co-operation and Development, said on March 6.

“What is clear is that whatever the sector we are talking about, the costs are huge,” Bonucci said, speaking at the G-20 conference presided over by Turkey in Istanbul.

Committing bribery “does not make sense,” said Bonucci, as the cost of bribery equals 11 percent of the total transaction and more than one-third of the profit on average, according to a report released by the OECD in December 2014.

Bonucci said fighting corruption should be “internalized” by both governments and companies.
In its report in December 2014, the OECD said management usually was either involved with or knew about bribery.

Rifat Hisarcıklıoğlu, head of the Union of Chambers and Commodity Exchanges of Turkey (TOBB), said bribery is not profitable for companies.

“No company gains anything in the long run,” said Hisarcıklıoğlu in his speech, as businesses involved in corruption lose their competitiveness and so their efficiency.