By Jay Forte, Contributing Reporter
RIO DE JANEIRO, BRAZIL - According to a study released yesterday (June 25th), the informal market in Brazil was worth R$826 billion in 2014, equivalent to 16.1 percent of the country's gross domestic product (GDP). The informal economy was measured in the Shadow Economy Index (HEI) by the Brazilian Institute for Ethical Competition (ETCO) and the Brazilian Institute of Economics of the Fundação Getulio Vargas (IBRE-FGV).
This represents a remarkable change from 2008, when the FGV reported the cost of goods and services produced by Brazil’s underground economy amounting to . . .
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