"South Korea's Real Wages to Rise 2.2% Next Year... India Expected to Have the Highest Increase"

ECA International Report Predicts India 5.1% and China 4.1% Increase

Analysis predicts that South Korea's real wage growth rate will reach 2.2% next year. It is also expected that the real wage growth rates in the Asia-Pacific region, including India and China, will surpass those in North America and Europe.

On the 8th (local time), market information provider ECA International released a salary trend report forecasting that South Korea's real wages will increase by an average of 2.2% next year, according to the U.S. economic media CNBC. This year, South Korea's real wage growth rate was 1.1%.

The real wage growth rate is the nominal wage growth rate minus the inflation rate. The report predicted that the Asia-Pacific region's real wage growth rate next year will be 2.2%, higher than this year's 1.8%. Among them, India (5.1%), Indonesia (4.3%), and China (4.1%) are expected to record the highest real wage growth rates next year. Vietnam (3.6%) and Thailand (3.4%) are also forecasted to show growth rates in the 3% range.

Countries expected to show growth rates in the 2% range include Taiwan (2.5%), Macau, Malaysia, and the Philippines (2.3%). Japan's real wages are estimated to increase by only 0.1% next year. This year, Japan's real wages decreased by 0.4%.

The global growth rate forecast for next year is 1%, with North and South America at 2%, Europe at 0.9%, and Africa and the Middle East at 0.8%. This year, the real wage growth rates by region were 0.1%, -1.9%, and -1.2%, respectively.

Considering that 9 out of the top 12 regions with the highest growth rates this year were in the Asia-Pacific region, it is expected that this advantage will continue next year as well.

The report stated, "Except for Sri Lanka and New Zealand, the majority of the Asia-Pacific region is expected to maintain or exceed this year's growth rates next year."

This content was produced with the assistance of AI translation services.