G20 Foundation Publications Australia 2014 - Page 34

34 TRADE & FINANCE On average, the crisis brought down the growth rate of average real wages to about 1 to 2 per cent. That modest growth was attributable almost entirely to emerging economies, particularly China, while wage growth in advanced economies has been fluctuating around the zero mark since 2008 and has been negative in some countries. The reflection of that is the decline in the labour share of income observed in most G20 countries over recent decades, which has continued in some while in others it has stagnated. TRADE & FINANCE In the light of this rather negative news, it’s encouraging to look at one very positive note in recent developments which is that working poverty has declined in many emerging G20 countries, most notably China. wage growth policies, such as minimum wage increases and collective bargaining, in order to rebalance their sources of growth toward more domestic co