On July 20th 2017, the Center for International Private Enterprise (CIPE) hosted a panel discussion on the impact of corruption on new democracies in Asia.
Systemic corruption impedes market development, drives away investment, and erodes the rule of law. Prevalent corruption can render a populace susceptible to demagogic political appeals, and de-legitimizes political leadership. In economic terms, corruption diverts investments and distorts markets – with the poor bearing the brunt of the negative economic impact.
Consequently, improving governance and eliminating corrupt practices are the keys to improving business performance, establishing rule of law, and ensuring that democracy delivers for citizens.