It is well known that the gray economy is a scourge of the modern global world, in which all positive and negative phenomena are quickly transferred from country to country. The gray economy is one of the greatest evils of today and leaves significant traces on the entire society. In this paper, we will present some of the negative consequences that the gray economy brings, starting with globalization and its impact on the deepening of the economic and financial crisis. We will also present the influence of the gray economy, especially illegal work, and the consequences that our economy and population suffer. In addition to the negative impact, if its analysis is carried out well and qualitatively, it can serve as an instrument for resetting the economy and society, thus becoming a new development opportunity for faster economic development in Bosnia and Herzegovina. We will present some potential measures that could bring the gray economy within reasonable limits and thereby help the state in the fight for the fastest possible recovery of the economy and its equal inclusion in contemporary economic flows.
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