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WASHINGTON (AP) — A global finance leader claims that as much as $2 trillion in bribe money courses through developing and developed countries each year. Christine Lagarde says that undermines economy growth and diminished basic services most needed by the pool. The International Monetary Fund's managing director says corruption has "a pernicious effect" on the economy. Her comments come in an essay published Wednesday by the global lending agency — one day before an anti-corruption summit in London. Lagarde says corruption hinders domestic and foreign investment and leads to less social spending on education and health care, which mostly hurts the poor. The $2 trillion value of the bribes is an IMF estimate.

Finance leader: Bribes eat up $2 trillion in global economy