Europe

World Bank Urges Eastern Europe to Move Beyond Shadow Markets

Says too many are doing work in untaxed and unregulated businesses

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"Too many of Eastern Europe's workers and firms are engaged in the 'shadow economy'—doing business and work in untaxed and unregulated markets for goods and services," according to the report "In From the Shadow: Integrating Europe's Informal Labor".

"As the impacts of the euro crisis, population ageing, and labor force shrinkage spread to emerging economies of Eastern Europe, bringing workers and firms in from the shadow economy is critical for long-term economic growth in Eastern Europe," the Washington-based development lender said.