Median Household Income Overview
The indicator refers to the median income of a household in a country. Median household income divides households into two equal segments, such that the first half earns less than the median income while the second half earns more. The median income is defined in PPP (Purchasing Power Parity, in Current International Dollars) terms to avoid exchange rate fluctuations due to inflationary tendencies across countries. The median income level is generally accepted as a better indication of well-being or actual income distribution as it is not skewed by disproportionate data.
According to Global Data, the top ten countries with the highest median household income in the world are Singapore, Iceland, Norway, Sweden, Ireland, Luxembourg, Belgium, the United States, Cyprus, and Australia. The average median household income was (PPP) $40,094 in 2021.
Thailand’s Median Household Income Highlights in 2021
Thailand’s median household income (PPP) hit $23,076 in 2021, an increase of 2.5% over the previous year. Between 2010 to 2021, Thailand’s median household income increased by 48.7%.
A fall in consumer and business confidence, along with an increase in precautionary savings, meant that household consumption expenditure fell by 7.7% and the GDP growth rate declined by 6.1% in 2020. The government has undertaken initiatives to boost consumer confidence and demand, which will eventually drive-up household expenditure growth in H2 2021. According to Global Data, household consumption is expected to grow at 4.7% in 2021.
Income inequality, as measured by the Gini coefficient, was 34.9 as of 2019. A Gini coefficient score of zero corresponds to complete equality while a score of 100 corresponds to complete inequality. With the outbreak of the novel coronavirus and millions of people losing their jobs, income inequality is set to increase. d. Income inequality, which was in decline over the past two decades, is now reversing in the face of the public health crisis amid the COVID-19 pandemic. The country needs to take measures to reduce the increasing income inequality.
Recent trends influencing Global Economic Growth
Increased COVID-19 impact:
As a result of Omicron, a new variant of COVID-19, more cases have been reported worldwide, resulting in the disruption of supply chain management. However, the global vaccination drive has reduced the fatality rate from the coronavirus.
Rising Inflation and Interest Rates:
As a result of rising inflation rates in both developing and advanced economies, central banks have been forced to tighten monetary policy and raise interest rates to keep prices from rising. However, a steady increase in interest rates could cause financial distress in some economies.
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