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. Median income is defined in PPP (Purchasing Power Parity, in Current International Dollars) terms so as to avoid exchange rate fluctuations due to inflationary tendencies across countries. The median income level is generally accepted as the better indication of well-being or actual income distribution as it is not skewed by disproportionate data.
According to GlobalData, the top ten countries with highest median household income in the world are Singapore, Iceland, Norway, Sweden, Ireland, Luxembourg, Belgium, United States, Cyprus, and Australia. The average median household income (PPP) was $40,094 in 2021.
Argentina’s Median Household Income Highlights in 2021
Argentina’s median household income (PPP) hit $31,385 in 2021, an increase of 3.1% over the previous year. Between 2010 to 2021, Argentina median household income increased by 84.2%.
According to the Rapid Assessment conducted by UNICEF in Argentina in October 2020, 42% of the households surveyed had received Emergency Family Income (IFE), and 33% had received an Alimentar card or benefited from other food support schemes.
The COVID-19 pandemic has led to reduced household incomes, which could increase societal unrest. According to GlobalData, the unemployment rate surged to 11.5% in 2020. In 2021, the rate is expected to decline marginally, though remain in the double digits. The lockdowns in 2021, due to a high number of COVID-19 cases, are expected to further worsen the employment opportunities of many.
Key elements that are influencing the Global Economy
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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