The United Nations estimates that acts of bribery damage the world economy by an estimated 2.6 trillion dollars every year. The figure corresponds to around 5% of the world's Gross Domestic Product.

The UN Office on Drugs and Crime warns that the practice can erode basic public functions and people's quality of life, depriving them of their rights and access to services.

Corruption also impoverishes countries and allows organized crime, terrorism and other illegal activities to flourish.

"Corruption covers a huge range of activities, including the misuse of public power, office or authority for private gain, through bribery, extortion, influence peddling, nepotism, fraud or embezzlement," published the UN.

The findings were published today as part of this year's International Anti-Corruption Day: Uniting with young people against corruption: shaping the integrity of tomorrow.

The UN believes that the 1.9 billion young people in the world (1/4 of the world's population) can be the force to fight corruption in the future.