14:37 10 December 2022
Poland's real wages falling almost at the fastest rate in the world
Real wages are, of course, what we're talking about. Poland's nominal ones are rising as well, almost at the fastest rate in the world. But what does it matter if inflation is eating them up at such a rate that we are getting poorer? Polish impoverishment will not be halted until 2024 at the earliest.
Poland's wages have grown by almost 56 percent over the past ten years, making us the sixth fastest-growing country in the world.
According to a recent report from the International Labour Organisation, if we averaged out people's wages across the world, real monthly earnings would fall by 0.9 percent. This is the first time in the 21st century that real wages have declined.
Polish real wages declined by 6.9 percent in the first half of 2022, according to the Global Wage Report 2022-23. Only Nicaragua is worse, where real wages fell by 7.56 percent in the first half of 2022.
(bizblog)
