Today we’re sharing insight from guest blogger GenieBelt, the creator of a construction software and mobile app. GenieBelt’s blog and infographic address an important construction risk management concern – corruption. Unfortunately corruption is all too prevalent in the construction industry, as you’ll see from their data. In order to manage this risk, we need to first understand where it stems from. We hope you enjoy GenieBelt’s insight on this important construction risk management topic.
The construction market is huge – so huge that it is estimated to be worth more than $3.2 trillion per year and make up for 2-3% of developing countries’ GDP and 5-7% of developed countries’ GDP.
The amount of losses through corruption range between 10 and 30%, which together with mismanagement and inefficiency makes up for close to $6 trillion losses. These numbers highlight the size of the problem and why eradicating corruption would make a big difference for the industry and for the overall economy.