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 (PPP) was $40,094 in 2021.
Brazil Median Household Income Highlights in 2021
Brazil’s median household income (PPP) hit $16,921 in 2021, an increase of 1.2% over the previous year. Between 2010 to 2021, Brazil’s median household income increased by 19.4%.
According to Global Data, the economic growth stood at 4.7%, and real household consumption expenditure growth at 3.9% in 2021. Global Data forecasts the GDP growth and household consumption expenditure growth to slow down to 1.2% and 3.2%, respectively, in 2022.
Over the next two years (2022–2023), the household consumption expenditure is expected to grow at an annual average rate of 3.2% as the economic recovery strengthens. The rising real household consumption expenditure is likely to boost the retail sector.
Recent trends influencing the 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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