Just 37% of countries worldwide are expected to announce real wage increases in 2023, according to the Global Wage Report. The report finds that both wages and productivity are increasing at a much slower rate than previously thought.
Wages increased by an average of 1.8% in countries around the world from 2009-2011, but when adjusted for inflation, real wages fell – even for workers in advanced economies like Canada and the United States. Wage growth is expected to remain below historical averages for future years (preliminary estimates show wage growth of only 0.9 percent in 2023).
Wages will increase more slowly in most countries across the world, according to a new survey of economists.
In Greece,real wage increases are expected to fall significantly.
This report from the World Bank finds that just 37 percent of economies worldwide are expected to announce real wage increases in 2023. This is down from 66 percent in 2016 and a much higher rate in 2013 (78%). The report says this is due to companies increasingly relying on automation and other technological innovations to increase productivity.
In the year 2022, just 37% of countries worldwide are expected to announce real wage increases. According to the World Bank, this figure is low by historical standards.
In the last decade, over half (57%) of countries worldwide have made real wage adjustments in order to compensate for rising prices of energy and other commodities.
Wage rates are expected to increase by 1% in 43 countries and by 2% in 19 countries.