Corruption continues to be a major impediment to sustainable economic development, particularly in emerging economies. This paper examines the multidimensional nature of corruption, explores existing methods of its measurement, and evaluates its consequences on governance, institutional trust, and foreign investment. Using a comparative approach across selected developing countries, the study analyzes key indicators from Transparency International, the World Bank, and the Global Corruption Barometer. The results show a significant correlation between high levels of perceived corruption and lower economic performance, reduced foreign direct investment, and weakened legal systems. The paper concludes by offering targeted policy recommendations, emphasizing the importance of institutional reforms, digital governance, and civic engagement as tools for mitigating corruption and fostering transparent public administration.