24
Feb
Effect Of Corruption On Economic Development. Corruption escalate into unemployment reduction in tax revenue decline in business operation and ultimately collapse of the economy. Corruption creates negative national image and loss of much needed revenue. The role of law in development is obscure. This influence is made possible thanks to certain determinant variables.
In Nigeria corruption is one of the reasons for many unresolved problems that have critically hobbled and reduce development Ayobolu 2006. Statement credited to Marianne Merten in Daily Maverick emphasized on the negative impact of State Capture and grand corruption in South Africa before and after the Zuma-Gupta presidency. Appears that corruption reduces economic growth. Corruption creates negative national image and loss of much needed revenue. This line of thought has it that an analysis of financial data is positively correlated with capital. Associated with poor institutions has a negative effect on GDP growth whilst residual corruption corruption which is uncorrelated with other governance characteristics is positively related to GDP growth with poor institutions.
In Nigeria corruption is one of the reasons for many unresolved problems that have critically hobbled and reduce development Ayobolu 2006.
The most common definition of corruption is the misuse of public office for private gain 15. In addition this study found a negative correlation between levels of corruption and economic growth thereby making it difficult for Nigeria to develop fast. It makes the governments intervene where they do not need to and it weakens the ability of the. Petersburg Summit in September. The role of law in development is obscure. It has serious consequences in reducing the economic level and development 5.