Thursday, June 20, 2024

Asia-Pacific region records highest growth in real salaries worldwide in 2023

ECA International’s Salary Trends survey found that Asia-Pacific had the highest salary increases in 2023, with Vietnam and Thailand leading ASEAN. Overall, real salaries are expected to grow by 2.2% in 2024.

ECA International’s Salary Trends Survey

ECA International has released its annual Salary Trends survey, analyzing salary increases across over 70 countries and cities globally. The survey found that the Asia-Pacific (APAC) region had the highest real salary increases in 2023, outperforming the rest of the world. In ASEAN, Vietnam had the highest salary growth at 3.6% in real terms, followed by Thailand at 3.5%.

Key Findings

Real salary increases in the APAC region ranked top in 2023, with Vietnam leading in ASEAN with 3.6% salary growth. Thailand saw an increase of 3.5% in real terms in 2023. Additionally, the survey highlighted that Thailand experienced salary decreases in real terms in 2022 but is now showing positive salary growth.

APAC and Global Highlights

The APAC region is anticipated to have an average real salary increase of 2.2% in 2024, double the global average. Globally, the average salary increase in nominal terms was 5.0% in 2023, and it is expected to remain the same in 2024. Europe continues to trail behind other regions for real salary increases, with salaries in the UK falling by 2.7% in real terms in 2023. However, real salaries in the UK are forecast to rise by 1.3% in 2024. Overall, the survey sheds light on the varying rates of salary growth across different countries, providing valuable insights for businesses and employees.

Source : Asia-Pacific region records highest growth in real salaries worldwide in 2023

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