The Correlation between Minimum Wage and Shadow Economies in Asia
In Asia, the inverse correlation between the strength of the shadow economy and the minimum wage is very weak. There is no real relationship between the strength of the shadow economy and minimum wage.
The Correlation between Minimum Wage and Shadow Economies in Europe
In Europe, the inverse correlation between the strength of the shadow economy and the minimum wage is very strong. As the shadow economy weakens, the minimum wage tends to be higher.
The Correlation between Minimum Wage and Shadow Economies in South America
In South America, the inverse correlation between the strength of the shadow economy and the minimum wage is pretty weak. There is no real relationship between the strength of the shadow economy and minimum wage.
The Correlation between Minimum Wage and Shadow Economies in North America
In North America, the inverse correlation between the strength of the shadow economy and the minimum wage is somewhat strong. As the proportion of the shadow economy decreases, the minimum wage tends to go up.
The Correlation between Minimum Wage and Economic Strength Worldwide
Worldwide, the correlation between economic strength and the minimum wage is pretty strong. Most countries have low minimum wages and a small per capita GDP PPP.
The Correlation between Minimum Wage and Economic Strength in Oceania
In Oceania, the correlation between economic strength and the minimum wage is extremely strong. As far as these metrics go, there's New Zealand and Australia, and then there's everyone else.
The Correlation between Minimum Wage and Economic Strength in Africa
In Africa, the correlation between economic strength and the minimum wage is pretty weak. The majority of nations on the continent have a per capita GDP PPP below 10,000 international dollars and a minimum wage below 4,000 international dollars.
The Correlation between Minimum Wage and Economic Strength in Asia
In Asia, the correlation between economic strength and the minimum wage is somewhat strong. The majority of nations on the continent have a per capita GDP PPP below 30,000 international dollars and a minimum wage below 10,000 international dollars. The only countries that surpass both of these numbers are Kuwait, Oman, Japan, South Korea, Israel, and Turkey.
The Correlation between Minimum Wage and Economic Strength in Europe
In Europe, the correlation between economic strength and the minimum wage is pretty strong. Just like with the shadow economy data, minimum wage tends to be similar to geographically proximate countries.
The Correlation between Minimum Wage and Economic Strength in South America
In South America, the correlation between economic strength and minimum wage is very weak. Every country studied on the continent - excluding Guyana - has an annual minimum wage of at least 5,000 international dollars.
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