Visualizing How COVID-19 Has Impacted Global Wages
Visualizing How COVID-19 Impacted Global Wages
In the years leading up to the pandemic, annual global wage growth was fluctuating stably between 1.6%–2.2%. Now, income, working hours, and employment have all been impacted by COVID-19—but for those who have held onto their jobs, how have wages been affected?
This interactive chart from the International Labour Organization (ILO) reveals how the global pandemic has affected both nominal and real wages, as well as unemployment rates.
The date of data collection varies on a country-by-country basis, using the most recent available data. The most recent measurement of wage indices is from September 2020 in some countries and the least recent available data comes from Q2’2020. In select countries the date of unemployment rates and wage indices are different. As a point of reference, the average wage index in 2019 was 100.
Note: the ILO uses national statistics databases and only the select countries had enough recent, available data for all three elements: nominal wages, real wages, and unemployment.
Where Average Wages are Falling
Average wages in many countries either plateaued or decreased significantly during the global pandemic. Sharp declines happened across a number of European countries, as well as in South Africa and Japan, for example.
|Country||Unemployment Rate||Real Wage Index||Nominal Wage Index|
|Vietnam (as of Q2'2020)||2.7%||92.4||94.4|
|Spain (as of Q2'2020)||15.3%||92.5||92.3|
|Mexico (as of August 2020)||5%||94.4||98|
|South Africa (as of Q2'2020)||23.3%||95.2||97.4|
|South Korea (as of August 2020)||3.1%||(Read more...)|