Saturday, June 15, 2024

Wage growth in 2022 failed to catch up with inflation


Inflation is real all over the world. Many countries are trying to adjust the wages and income of workers. Official inflation ranges from 4 to over 80%. Countries, such as Turkey, for example, have an annual inflation rate of over 80%, but this process began 3-4 years ago.
In Europe, inflation is from 4 to over 20%. However, wage adjustment is lagging behind.
And this is happening for the first time in at least 15 years. World inflation-adjusted real wages have fallen.
On average worldwide, global wage incomes fell by 0.9%.

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Even with the crisis year 2008, wages increased by 1.2%. With the biggest increases are the salaries from 2006 and 2007 with over 2.5%.
After the crisis of 2008, wages increased by more than 1.5% per year.

Wages Real Income 2006 2022

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