FX.co ★ Global salaries growth slows down

The experts at the International Labour Organization (ILO) calculated that average wages of a person in the world made up $1,600 in 2013 that is 2% higher than in 2012. The pace of growth of the indicator dropped against the previous year when wages were up 2.2%. In 2006-2007, before the financial crisis, the salaries in the world rose 3% on average a year.
The key reason of the negative dynamics is a slow growth of salaries in the developed countries where the index grew only by 0.1% in 2012 and then by 0.2% in 2013. Before the crisis, the wages in the developed countries rose 1%.
Central banks are also concerned about this problem. Quite an attention is paid to this topic by the Bank of England and the Bundesbank during the discussion of questions and terms of the interest rate hike.
In Asia salaries increased 6%, in Eastern Europe and Central Asia – by 5.8%.
In the Middle East the growth was 3.9%, in Africa – 0.9%, in Latin America and the Caribbean – only 0.8%.