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The phrase "parallel economy" is correct and can be used in written English.
This phrase is used to describe an economic system that exists alongside and independent of the traditional or government-sanctioned economy. An example sentence would be: "The existence of a parallel economy has caused substantial disparities in wealth between different regions of the country."
Exact(24)
The swap meet also represents a parallel economy.
The people running this parallel economy are keeping the population replete.
A parallel economy run by the mafia is a scary prospect for legitimate firms.
The cash-free drive will attempt to close down India's thriving parallel economy of untaxed cash transactions.
"Its producing not only a parallel economy but a subculture," said Graciela Romer, a sociologist and political consultant.
"This is a parallel economy," said Mr. Mobin, whose family is involved in several businesses in Dharavi.
Similar(36)
So what's the worry?In this section Debt forgetfulness In a spin Into the fast lane A year in nine pictures Parallel economies Reprints Related items Art in Qatar: A Smithsonian in the sandDec 29th 2010One concern is how Dubai will meet its future payments.
"So how about dismantling what are essentially parallel economies by opening these vaults up and use the money to set up private schemes to bring material comforts to the poor?" Such a move could be contentious and politicians would be wary of antagonising the religious sentiments of potential supporters.
"Obviously, sooner or later the country must be reunited," wrote Joan Robinson, a Cambridge economist, in 1977, "by absorbing the South into socialism .In this section Debt forgetfulness In a spin Into the fast lane A year in nine pictures Parallel economies ReprintsSouth Korea's central bank reckons that North Korea's annual income per person was only $960 in 2009, or about 5% of South Korea's.
But this support was supposed to be short-term, not continuous: a central bank should be an emergency room, not a hospice.In this section Debt forgetfulness In a spin Into the fast lane A year in nine pictures Parallel economies ReprintsIndeed, for all the efforts of governments and central banks, many of the global economy's long-term problems have yet to be solved.
Criminals, endlessly devising creative ways to exchange and store their ill-gotten gains make great contributions to parallel economies.
Related(20)
parallel finance
parallel conservation
parallel growth
parallel infrastructure
meanwhile economy
parallel performance
parallel country
similar economy
parallel efficiencies
dual economy
same economy
alternate economy
parallel employment
corresponding economy
parallel business
further economy
equivalent economy
parallel slowdown
parallel save
informal economy
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com