How are salaries expected to grow in India and around the world in 2023?

According to workforce consultancy ECA International, the worst-affected region is likely to be Europe, where real wages – the inflation rate from modest wage increases – are falling by an average of 1.5%.

This year UK workers suffered the biggest injury since the survey began in 2000. Despite a 3.5% average nominal wage increase, 9.1% average inflation led to a 5.6% average wage. They are set to fall another 4% in 2023.

The US real decline of 4.5% this year is expected to be reversed by falling inflation next year, which translates to a 1% real wage increase.

Asian countries are projected to see real wage growth in eight of the top 10 countries, led by India at 4.6%, Vietnam at 4.0% and China at 3.8%.

Brazil’s 3.4% growth and Saudi Arabia’s 2.3% jump round out the top five.

ECA International’s regional director for Asia, Lee Quan, said: “Our survey indicates another difficult year for workers globally in 2023. Only a third of the countries surveyed are projected to see real wage growth Although it is better than the 22% which experience increases this year.” According to the ECA, the average salary fell by 3.8% in 2022.

ECA’s Salary Trends Survey is based on information gathered from over 360 multinational companies in 68 countries and cities.

These are the top 10 countries and their projected real wage growth in 2023:

1. India (4.6%)
2. Vietnam (4.0%)
3. China (3.8%)
4. Brazil (3.4%)
5. Saudi Arabia (2.3%)
6. Malaysia (2.2%)
7. Cambodia (2.2%)
8. Thailand (2.2%)
9. Oman (2.0%)
10. Russia (1.9%)

And the bottom five, with their expected decreases:

1. Pakistan (-9.9%)
2. Ghana (-11.9%)
3. Turkey (-14.4%)
4. Sri Lanka (-20.5%)
5. Argentina (-26.1%)

This story has been published without modification in text from a wire agency feed. Only the title has been changed.