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17 August 2021

REPORT: Counterfeit Impacts Expected to Double

The impacts of the global counterfeit market are expected to double by 2022, according to a new report by the Federation of Indian Chambers of Commerce and Industry’s(FICCI) Committee Against Smuggling and Counterfeiting Activities Destroying Economy (CASCADE).

8%-15% of global GDP is impacted due to illicit trade and criminal activities. It is estimated that the total economic and social costs globally due to counterfeiting and piracy world-wide stood between USD$737 to USD$898 billion in 2013 and this is expected to go up to USD$1.54 to USD$1.87 trillion by 2022, suggesting an increase of 108 per cent. In addition the total employment losses globally due to counterfeit and piracy stood at 2 to 2.6 million jobs in 2013 and is expected to rise to 4.2 to 5.4 million jobs in 2022, suggesting an approximate increase of 110 per cent.

The full report is available at this link.

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