Economic Report Predicts Rise in Global Counterfeiting, Piracy
BANGKOK, THAILAND — The global trend in counterfeiting and piracy is forecast to increase during the decade with China at the heart of production of fake goods from clothes to electronics, and risky fake medicines and cosmetics.
But governments and businesses are looking to challenge the commercial threats posed by counterfeiting with steps to detect fake goods and protect brands and jobs.
A report commissioned by the International Trademark Association (INTA) and the International Chamber of Commerce, said the global economic value of counterfeiting and piracy could reach $2.3 trillion by 2022. The global value of the counterfeit market in 2015 stood at $1.7 trillion.
The February 2017 report, by research firm Frontier Economics, said the wider social, investment and criminal enforcement costs could take the total to $4.2 trillion, leaving at risk about 5.4 million "legitimate jobs".