Since the GFC (global financial crisis) real wage growth, i.e., the growth in wages after inflation has been accounted for, has fallen sharply. The blue bars show real wage growth in Q4 2017, year-on-year, and the purple dots show real wage growth in Q4 2007, just before the GFC hit. Remember that since the GFC, all these countries have experienced some rise in real GDP, which implies what we know from other evidence that all or most of the growth in GDP has not "trickled down" to the workforce.
No comments:
Post a Comment