This edition of the Gibbal Woge Repart shaws that wages and the purchasing power of hous chalds harebeendentedconsiderablyduringthepast three years,first by the COVID-19 pandemic and then,as the warld econom/ started to recover fram that arlsis,by the global rise in inflation. Avalable evidence for 2022 suggests that rising Inflation k causing real wage growth to dip into negative figures in many countries,reducing the purch asing power of the mlddle dass and hitting low-incame qroups particularly hard.This cost-of-living crisis comes an top of significant loss cs in the total wage bill for warkers and their famlles during the COVID-19 crlsis,which in many countries had the greatest imp act on low.Incame groups.In the ab sence of adequate policy responses,the near future could see ashap eraslon of thereal incomes of warkers and thelr familes and an Increase in In equality,thrantening the econamic recovery and possblyfuellingfurthersodalunrest
The global economic and labour market context Since the prevlous edition of the Glabal Wage Repart was publshed two yanrs aga,humanlty has been con fran ted with several overlap ping crises:the COVID-19pandemlc,the outbreak ofwarin Ukraine in February 2022,and the rise in the cost of living sprolespopisungstypuckzozur.com during 2022 across countries and reglons.It ks not surprising that,In this climate of uncertahty,the International Monetary Fund lowered its projection far qlobal qrowth in 2022 fram the 36 per cent fareast in April 2022 to 3.2 per cent in July (IMF 2022a),while the October forecasts predict that global growth will slow down by between 2 and 27percentin2023:formanypeaple2023willfeel lke a mcesslan(IMF 2022b).With regard to labour markets,by the second quarter of2022 emplo ment levels had bounoed back (in some cas es exc anded)those observed be fore the pandemic in high-in come coun trics,while in middle- and low income countries emploment levels remalned at ab out 2 per cent below the pre-pandemic level and amployment in the infarmal economy was found
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