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shadow economy

[ˈʃædoʊ ɪˈkɒnəmi]
nounpl: shadow economies
economia informal
1. Economic activity that is not reported to tax authorities and exists outside official regulatory frameworks
The shadow economy includes undeclared work, cash-only transactions, and illegal trade.
A economia informal inclui trabalho não declarado, transações em dinheiro e comércio ilegal.
2. The portion of an economy that is not accounted for in official GDP statistics
Economists estimate the shadow economy represents a significant percentage of global GDP.
Economistas estimam que a economia informal representa uma percentagem significativa do PIB global.
NYC Slang
off the books economy
Synonyms
underground economyinformal economyblack economygray economyhidden economyundeclared economy
Antonyms
formal economyofficial economydeclared economyregulated economy

Regional Variations

General Brazilian
economia informal
Most common term used in Brazil
Brazil
mercado negro
When referring to illegal aspects specifically
Portugal
economia paralela
Commonly used in Portuguese academic and policy contexts
Portugal
trabalho não declarado
When emphasizing undeclared labor aspects

Related Idioms & Phrases

under the table
off the books
work under the radar
cash in hand
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