Bribery and corruption is the single largest hindrance to economic and social development around the world. It is estimated by the World Bank that the cost of corruption is 5% of GDP (US$ 2.6 trillion) with over US$1 trillion being paid in bribes each year. It distorts markets, stifles economic growth, undermines democracy and the rule of law and creates an uneven playing field in the international business environment. On an ethical level, bribery also reduces public trust and belief in the fair and transparent operation of business and public services.