What is the estimated annual loss due to counterfeit merchandise according to the International Chamber of Commerce?

The estimated annual loss due to counterfeit merchandise, as reported by the International Chamber of Commerce, is approximately $600 billion. This figure underscores the significant impact that counterfeit goods have on economies worldwide, affecting both businesses and consumers. The enormity of this loss reflects a range of factors including diminished sales for legitimate companies, potential harm to brand reputation, and economic repercussions affecting job markets and tax revenues. Such statistics highlight the ongoing importance of enforcement against counterfeiting and the vital role of intellectual property protection. Understanding these figures can help law enforcement and businesses better grasp the scale of counterfeiting and tailor their strategies to combat it effectively.