Meaning of black economy in English:

black economy



  • The part of a country's economic activity that is unrecorded and untaxed by its government; the black market.

    ‘a lot of childcare is in the black economy’
    • ‘An added bonus may be a decrease in the level of activity of the black economy.’
    • ‘The EU estimates that the black economy accounts for around 20 per cent of the GDP in several countries, while the figure for other countries is put at 30 per cent.’
    • ‘It forces them reluctantly to become part of the black economy, because the cost of legitimately employing a childminder is unviable.’
    • ‘The truth is, in this era of free market globalisation, the black economy is alive and kicking.’
    • ‘Although not officially assimilated into that society, they have become the mainstay of a black economy, exploited and appreciated in equal measure.’