According to the International Labour Organization (ILO), wage income in the world has fallen by 10.7% in the first nine months of 2020, equivalent to $3.5 trillion or 5.5% of global GDP in the first three quarters of 2019. From the perspective of income, the positive side is that the figures do not take into account government subsidies which have provided a key safety net for families’ vital consumption.Read More
In the World
Chief Cabinet Secretary Yoshihide Suga won the Liberal Democratic Party (LDP) leadership election, meaning he was poised to replace Shinzo Abe as prime minister of Japan. Suga has been confirmed by a vote in the Diet on Wednesday 16 September. This comes after Abe announced in late August that he planned to step down due to ill health. Suga could reignite structural reforms although his top priority is containing the virus, says Schroders.