The Week in Numbers: Singapore Workers Real Pay To Rise 2.7%

According to a new survey by ECA International, workers in Singapore can expect a 2.7% real wage increase next year. This takes into account a nominal wage increase of 4%, and the estimated inflation rate of 1.3% next year. The survey also ranks Singapore’s wage growth as ninth out of 20 countries surveyed in Asia-Pacific, and 14th globally.

This compares well with workers in the United States and Canada, who are only expected to have modest real wage growth of 0.9% and 1.1% respectively. Australian workers can also expect slow real wage growth of just 0.8%. Asia Pacific countries, on the other hand, are expected to have strong real wage growth with these countries occupying eight of the top 10 spots.

Meanwhile, Germany reported strong economic growth for the third quarter. Seasonally adjusted gross domestic product (GDP) rose 0.8% in the quarter and grew 2.3% year-on-year. This was the strongest growth rate seen since the start of 2014. The German government expects the economy to grow 2% this year and 1.9% in 2018. Germany’s growth was fueled by record-high employment, increased consumer spending, moderate inflation, and low-interest rates.

Japan’s economy also expanded for the third quarter of the year. It grew at 1.4% year-on-year, mainly due to strong exports. This follows an impressive 2.6% annual growth in the second quarter. This marked the seventh straight quarter of growth for the country. Japan’s growth was fueled by a net export increase, which accounted for 0.5% of the growth. Private consumption fell by 0.5% on a quarterly basis, but is expected to pick up next year, due to the high employment rate.

A new study by Credit Suisse has found that global wealth has expanded by 27% in the past 10 years. It grew by 6.4% between mid-2016 and mid-2017, the fastest pace in five years. This was partially due to the widespread gains in equity markets.

However, income inequality still remains a big issue, with less than 10% of the global population owning 86% of global wealth. The report also stated that millennials will face harsher market conditions than previous generations, which will limit their wealth acquiring prospects.

Geographically, the United States topped global wealth gains, increasing their total wealth by US$8.5 trillion in 12 months. At the same time, China only added US$1.7 trillion. Switzerland remained the country with the highest wealth per adult at US$537,600.

Finally, according to new research, the ASEAN region needs to increase green investments by 400% a year to protect its people from climate change. This represents about US$3 trillion (S$4.1 trillion) between 2016 and 2030. Of this sum, US$1.8 trillion will have to go to infrastructure, and US$400 billion each to renewable energy, energy efficiency and food, agriculture, and land use.

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