Global wage report 2022-23: the impact of COVID-19 and inflation on wages and purchasing power
The Global Wage Report 2022-2023 reveals how the severe inflationary crisis, combined with a slowdown in economic growth - driven in part by the war in Ukraine and the global energy crisis - have affected pay packets worldwide, including in the G20 leading industrial nations. It is estimated that in the first half of the year, real wages declined to -2.2 per cent in advanced G20 countries and grew by 0.8 per cent in emerging G20 countries. This is 2.6 per cent less than in 2019, the year prior to the COVID-19 pandemic.
