What are the effects of political corruption on economic development? 🔊
Political corruption has detrimental effects on economic development by undermining institutional integrity and eroding public trust. Corruption can divert public resources away from essential services, inflate costs, and discourage foreign investment, leading to stunted growth and increased inequality. Moreover, it hampers effective governance by creating a climate of impunity for wrongdoers, which perpetuates harmful practices. Addressing corruption is essential for fostering a more favorable business environment and ensuring equitable economic opportunities for all, ultimately reinforcing the need for ongoing efforts in accountability and transparency.
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