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Thailand Ranks 5th in Asia: Anticipated 3.4% Salary Increase for 2024

ECA International, a renowned global provider of data, software, and workforce management expertise, unveiled its Salary Trends Report for the Asia Pacific region on Wednesday, November 8. The report predicts that employee salaries in the Asia Pacific region will experience the most significant growth in 2024. Within this context, Thailand has secured the 5th position in the rankings.

ECA’s report focuses on “Real Salaries,” signifying the monthly income after accounting for the impact of inflation. In the Asia Pacific region, these real salaries are projected to increase by an average of 2.2%. This rate exceeds the global average salary increase of 1% by more than double.

When assessing other regions, it becomes evident that real salaries in North and South America are expected to rise by 2%, while European regions are anticipated to experience the most modest salary growth. In particular, European salaries are forecasted to increase by 0.9% in the forthcoming year, with the United Kingdom slightly surpassing this figure with an expected 1.3% salary increase.

ECA International points out that the “Real Salary Trends” in the majority of Asia Pacific countries for 2024 are expected to either mirror or surpass the levels observed in 2020. This positive trend applies to most countries in the region, with the exception of Sri Lanka and New Zealand. These insights reinforce the buoyant outlook for salary growth in Asia, with Thailand positioned among the top performers, ensuring continued economic vitality in the region.

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