Since 2020, the COVID-19 pandemic has impacted global economies due to supply chain blockages, rising demands, expensive production costs, and geopolitical tensions. All of these factors have created inflation in many countries all around the world. This new study from the team at Madison Trust Company examines a specific impact of inflation. The team studied minimum wage requirements worldwide and showed us which countries have made the biggest increases in minimum wage since 2020.
Some countries have chosen to increase the minimum wage to ease the burdens of inflation on citizens and give them more purchasing power, all in an attempt to outpace inflation. Countries that offered the biggest increases include:
- Nigeria
- Kosovo
- Saint Vincent and the Grenadines
- Samoa
- Laos
- Mauritania
- Lebanon
- Namibia
- Turkey
- Angola
infographic by: www.madisontrust.com
