Title page -- Copyright page -- Preface -- Acknowledgements -- Executive summary -- Part I Major trends in wages -- 1 The global economic context: Crisis, recession and employment -- 1.1 Economic growth rates vary widely by region -- 1.2 Global unemployment rates remain high -- 2 Real average wages -- 2.1 Slowing growth across a varied landscape -- 2.2 The gender pay gap -- 3 Regional estimates -- 3.1 Overall growth masks a complex picture -- 3.2 Developed economies -- 3.3 Eastern Europe and Central Asia -- 3.4 Asia and the Pacific -- 3.5 Latin America and the Caribbean -- 3.6 The Middle East -- 3.7 Africa -- 4 Minimum wages and the working poor -- 4.1 Developed economies -- 4.2 Developing and emerging economies -- Part II Falling labour sharesand equitable growth -- 5 The fall in the labour income share -- 5.1 Trends in labour shares -- 5.2 The gap between wages and productivity -- 5.3 The role of financial markets and other factors -- 6 The effects of labour income shares on economic growth -- 6.1 Falling labour shares and aggregate demand: Ambiguous effects -- 6.2 In pursuit of the optimal labour share -- 6.3 The "Great Recession" and the opportunity for more balanced growth -- PART III Implications forequitable growth -- 7 Internal and external imbalances -- 7.1 Functional and personal income distribution -- 7.2 Wage-based consumption is down, affecting the recovery -- 8 Reconnecting wages and productivity -- 8.1 Coordinated policy action -- 8.2 Strengthening existing institutions -- 8.3 Beyond labour markets -- 8.4 Specificities of developing countries -- Appendix I -- Global wage trends: Methodological issues -- Appendix II -- How a divergence between labour productivity and wagesinfluences unit labour costs and the labour income share -- Appendix III -- Determinants of labour shares -- Appendix IV.

The effect of labour share on aggregate demand -- Notes -- Bibliography -- List of tables -- Table 1 Cumulative real wage growth by region since 2000 (index: 2000 = 100) -- Table 2 Direction of effects of a 1% decrease in labour income share on private consumptionof domestic goods and services, investment and net exports in 16 economies -- Table A1 Regional groups -- Table A2 Coverage of the Global Wage Database, 2010 (%) -- Table A3 Coverage of the Global Wage Database, 2006-11 (%) -- Table A4 The factors influencing the adjusted labour income shares -- Table A5 The impact of external factors on adjusted labour income shares -- Table A6 Description of countries included in the estimation of tables A4 and A5 and box A1 -- List of figures -- Figure 1 Annual average economic growth, 1995-2012 (GDP in constant prices) -- Figure 2 Total unemployment rates in the world and in developed economies, 2005-11(as % of labour force) -- Figure 3 Annual average global real wage growth, 2006-11 -- Figure 4 The gender pay gap (GPG), 1999-2007 and 2008-11 -- Figure 5 The gender pay gap in Estonia, 1993-2009 -- Figure 6 The gender pay gap in Norway by employment status, 2008-11 -- Figure 7 Annual average real wage growth by region, 2006-11 -- Figure 8 International comparison of hourly direct pay for time worked in manufacturing,2010 (US) -- Figure 9 Trends in nominal wage growth and inflation in advanced economies, 2006-11 (%) -- Figure 10 Growth in output and employment in developed economies, 1999-2007 and 2008-11 (%) -- Figure 11 Growth in real wages and labour productivity in developed economies,1999-2007 and 2008-11 (%) -- Figure 12 Growth in output and employment in Eastern Europe and Central Asia,1999-2007 and 2008-11 (%) -- Figure 13 Growth in wages and labour productivity in Eastern Europe and Central Asia,1999-2007 and 2008-11 (%).

Figure 14 Index of real wages in the Russian Federation since 1990 (1990 = 100) -- Figure 15 Annual average real wage growth in Asia, 2006-11 -- Figure 16 Growth in output and employment in Asia, 1997-2007 and 2008-11 (%) -- Figure 17 Growth in output and in numbers of paid employees in Asia,1997-2007 and 2008-11 (%) -- Figure 18 Growth in wages and labour productivity in Asia, 1997-2007 and 2008-11 (%) -- Figure 19 Growth in output and employment in Latin America and the Caribbean,1997-2007 and 2008-11 (%) -- Figure 20 Economic growth and unemployment in Latin America and the Caribbean,2004-11 (%) -- Figure 21 Annual average real wage growth in Brazil, 2006-11 -- Figure 22 Growth in wages and labour productivity in selected Latin American andCaribbean countries, 2004-11 (%) -- Figure 23 Growth in output and employment in the Middle East, 1999-2007 and 2008-11 (%) -- Figure 24 Growth in wages and labour productivity in the Middle East, 1999-2011 (%) -- Figure 25 Growth in output and employment in Africa, 1999-2007 and 2008-11 (%) -- Figure 26 Growth in output and numbers of paid employees in Africa,1999-2007 and 2008-11 (%) -- Figure 27 Growth in wages and labour productivity in selected African countries,1999-2011 (%) -- Figure 28 Minimum wage levels in selected developed economies, in PPPand as a share of median full-time wage, 2010 -- Figure 29 Minimum wage growth in developed economies, 2006-11 -- Figure 30 Employed working poor (earning below US1.25 and US2 a day), as % of totalemployees -- Figure 31 Adjusted labour income shares in developed economies, Germany,the USA and Japan, 1970-2010 -- Figure 32 Adjusted labour income shares in developing and emerging economies, 1970-2007 -- Figure 33 Unadjusted labour income share in China, 1992-2008 -- Figure 34 Hourly productivity and compensation in the United States, Q1 1947-Q1 2012.

Figure 35 Trends in labour productivity and wages in Germany, 1991-2011:(a) per month -- (b) per hour -- Figure 36 Trends in growth in average wages and labour productivity in developed economies(index: 1999 = 100) -- Figure 37 Factors influencing the labour income share -- Figure 38 Decomposing changes in the average adjusted labour income sharebetween 1990-94 and 2000-04 -- Figure 39 The macroeconomic effects of functional income shares -- Figure 40 Unit labour costs in selected eurozone countries, 2000-10 (index: 2000 = 100) -- Figure 41 Changes in current account balance and household debt in selected countries,2003-10 -- List of boxes -- Box 1 Poverty among waged and salaried workers -- Box A1 Data selection and estimation procedure:An econometric methodology -- Box A2 Data, estimation and simulations.