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.
The Correlation between Minimum Wage and Economic Strength in North America
In North America, the correlation between economic strength and minimum wage is strong. Only two countries on the continent have an annual minimum wage of over 15,000 international dollars, Canada and the United States. All other countries' annual minimum wage is below 9,000 international dollars.
Newer