• Linkdin
Maximize your media exposure with Fibre2Fashion's single PR package  |   Know More

Asia-Pacific region's real wage growth falls in 2022: ILO report

05 Dec '22
2 min read
Pic: Shutterstock
Pic: Shutterstock

The Asia-Pacific region’s real wage growth has fallen this year due to severe inflationary pressure and a global slowdown in economic growth, according to an International Labour Organisation (ILO) report, which recently said the real wage growth in the region rose to 3.5 per cent in 2021, but slowed in the first half of 2022 to 1.3 per cent.

Excluding heavy-weight China, the real wage growth in the region increased by much less, at 0.3 per cent in 2021 and 0.7 per cent in the first half of 2022.

The severe inflationary crisis, combined with a global slowdown in economic growth—driven in part by the war in Ukraine and the global energy crisis—are causing a striking fall in real monthly wages in many countries, the report, titled ‘The Global Wage Report 2022-2023: The Impact of inflation and COVID-19 on wages and purchasing power’, said.

The crisis is reducing the purchasing power of the middle class and hitting low-income households particularly hard, it said.

Global monthly wages fell in real terms to minus 0.9 per cent in the first half of 2022, the first negative global wage growth recorded since the first edition of the Global Wage Report in 2008, the ILO report estimates.

The striking fall in real wages in the last year of the series (2022) is mainly due to the increase in inflation that started in 2021 and has continued during 2022, it said.

A cost-of-living crisis could well dominate wage trends until the end of 2023, the report added.

Fibre2Fashion News Desk (DS)

Leave your Comments

Esteemed Clients

Woolmark Services India Pvt. Ltd.
Weitmann & Konrad GmbH & Co. KG
VNU Exhibitions Asia
USTER
UBM China (Shanghai)
Tuyap Tum Fuarcilik Yapim A.S.
TÜYAP IHTISAS FUARLARI A.S.
Tradewind International Servicing
Thermore (Far East) Ltd.
The LYCRA Company Singapore  Pte. Ltd
Thai Trade Center
Thai Acrylic Fibre Company Limited
X
Advanced Search