December 12, 2022 | By: Felix Richter | World Economic Forum
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Global monthly wages fell 0.9% this year on average, marking the first decline in real earnings in the 21st century, according to a new report.
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This is paired with inflation, which rose higher in high-income countries, leading to above-average real wage decline in North America and the EU.
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Fighting against the deterioration of real wages can help maintain economic growth and lessen the probability of recessions in all countries and regions, the report’s author says.
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The global inflation crisis paired with lackluster economic growth and an outlook clouded by uncertainties have led to a decline in real wages around the world, a new report published by the International Labour Organization (ILO) has found. According to the 2022-23 Global Wage Report, global real monthly wages fell 0.9 percent this year on average, marking the first decline in real earnings at a global scale in the 21st century.