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Slowdown of global growth in wages

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Slowdown of global growth in wages

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There may be signs of a possible economic recovery, but that is not yet noticeable in many paypackets around the world.

The International Labour Organisation says global growth in real wages slowed down dramatically in 2008 and will drop even further this year. In a sample of 53 countries, wage increases slowed down from 4.3 percent in 2007 to 1.4 percent in 2008. ILO senior economist Patrick Belser said: “Despite signs of a possible economic recovery, we expect the global growth in monthly real wages to drop further in 2009. This development follows difficulty already in 2008, in which the crisis had affected wages quite dramatically.” The ILO says the latest figures raise serious questions about the true extent of an economic recovery, especially if government rescue packages are phased out too early.