black economy
[/blæk ɪˈkɒnəmi/]
nounpl: black economies
economia informal
1. Economic activity that is not reported to tax authorities and exists outside official government records; underground economy involving unreported income and undeclared work
The black economy in that country represents approximately 20% of GDP.
A economia informal naquele país representa aproximadamente 20% do PIB.
2. Commercial transactions and services conducted without proper licensing, regulation, or tax compliance
Many workers in the black economy receive cash payments to avoid tax obligations.
Muitos trabalhadores na economia informal recebem pagamentos em dinheiro para evitar obrigações fiscais.
In Brazil, the black economy is a significant socioeconomic issue affecting millions of workers in urban and rural areas. It encompasses both survival-driven informal work and deliberate tax evasion by businesses. The term 'economia informal' is widely used in Brazilian media, government policy discussions, and academic contexts. In the USA and UK, 'black economy' or 'shadow economy' carries more explicit criminality connotations, while Brazilian Portuguese emphasizes the informal nature of these transactions.
NYC Slang
the hustle economy / off-the-books economy
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