February 8, 2017
By Thanussha Priyah
Hong Kong – A new report released indicates that the global economic value of counterfeiting and piracy could reach US$2.3 trillion by 2022. Titled, The Economic Impacts of Counterfeiting and Piracy, the report provides estimates on the wider social and economic impacts on displaced economic activity, investment, public fiscal losses and criminal enforcement, and concludes that these costs could reach an estimated US $1.9 trillion by 2022. Taken together, the negative impacts of counterfeiting and piracy are projected to drain US $4.2 trillion from the global economy and put 5.4 million legitimate jobs at risk by 2022.
The report from Frontier Economics, an internationally recognised economics research firm, was commissioned by ICC’s Business Action to Stop Counterfeiting and Piracy (BASCAP) and the International Trademark Association (INTA). It was launched today in Hong Kong during INTA’s 2017 Anticounterfeiting Conference.