The size of the shadow economy in Armenia in 2015 was smaller than those of the country’s South Caucasus neighbors - Azerbaijan and Georgia - a new report by the International monetary Fund published on january 24 reveals.

According to the survey titled “Shadow Economies Around the World: What Did We Learn Over the Last 20 Years?”, Armenia’s shadow economy was estimated to be 36% in 2015, against the 43.6% in Azerbaijan and 53% in Georgia.

New results on the shadow economy for 158 countries all over the world are presented over 1991 to 2015.

The largest ones are Zimbabwe with 60.6%, and Bolivia with 62.3% of GDP. The lowest ones are Austria with 8.9%, and Switzerland with 7.2%.