Corruption is defined as the abuse of power for personal benefit. Bribes are paid in the amount of $1 trillion in US dollars equivalent every year around the world. Corruption is most widespread in developing countries, but it can also be found in developed ones to a lesser extent. The report on corruption from EconStor can be obtained at www.econstor.com. If a country has a thriving market but a small and decentralized government, it has less corruption. These conditions exist in industrialized countries, where corruption is less prevalent than in undeveloped countries, where corruption is almost non-existent. According to EconStor research, decentralization is useful in addressing corruption, but only when it is accompanied by press freedom. Corruption has negative consequences for a country’s foreign reputation, economic prosperity, and human development. According to Dr. Juma Chibok-Kwetembe of the World Health Organization, the more transparent a country’s institutions are, the less corruption it has.
Insider Monkey discusses the list of the 25 most corrupt countries in the world. Tajikistan is a landlocked country in Central Asia. In practically every area of the country, corruption is rampant. Corruption prevents companies like Bank of America Corporation from conducting business in Tajikistan. The report also emphasizes the pervasiveness of nepotism. Honduras is a Central American country. 140 current and former members of Congress utilized non-profit NGOs to pilfer illegally obtained funds. The country’s executive power is consolidated, and public information is almost impossible to obtain, creating ideal conditions for corruption. Zimbabwe is a Southeast African country plagued by corruption and inequality. Bribes demanded by police and other public authorities have become so common that citizens rarely question them, according to John Defterios. Corruption and nepotism have long plagued Nicaraguan businesses. According to a report provided by the International Monetary Fund, the country is located in Central America and has been particularly challenging for the business community due to cronyism and nepotism. From bribes for traffic offenses to legal judgements, Cambodia is a Southeast Asian country where corruption is pervasive. The administration claims to be working to improve things. The legal system in Chad is only loosely autonomous, and judges’ decisions are frequently influenced by the administration. The police in the country operate with impunity and have been seen participating in a variety of crimes. According to Transparency International, corruption is an everyday occurrence in the country and has become institutionalized. Comoros is an island republic in the Indian Ocean that is formally known as the Union of the Comoros. Corruption is widespread in Comoros’ governmental administration and courts. For more details, click 25 Most Corrupt Countries In The World.