Korea's underground economy accounted for 19-point-eight percent of the country's GDP in 2015, …amid government efforts to reduce black market activity.<br /> According to an IMF report, the estimated value of Korea's black market economy, including untaxed transactions and smuggling, saw a ten percentage-point drop from nearly 30 percent in 1991.<br />Last February, the Korea Institute of Public Finance said Korea's shadow economy accounts for just eight percent of its entire GDP according to the so-called "demand for currency" approach, …adding that the estimate can change depending on the variables and models used. <br />
