INTA: Cost of counterfeiting and piracy to hit $4.2 trillion in five years
The negative impacts of counterfeiting and piracy will drain $4.2 trillion from the global economy by 2022, according to a new report from International Trademark Association (INTA) and ICC's Business Action to Stop Counterfeiting and Piracy (BASCAP).
The report estimates that the global economic value of counterfeiting and piracy will reach $2.3 trillion at the same time as its wider, social impacts like investments, public fiscal losses and criminal enforcement will cost another $1.9 trillion. The total cost could reach a staggering $4.2 trillion and put $5.4 million worth of legitimate jobs at risk by 2022.
To read the full report, please visit INTA.