Max Bramwell, the founder of Fonderpass, announced that Libya has topped the list of countries with the lowest wages worldwide, alongside Egypt, Algeria, and Tunisia.
The ranking, which included 96 countries, represents the average wages in each nation after tax deductions, providing a clearer picture of the living standards these wages can sustain.
Libya ranked tenth among the countries with the lowest wages and 87th overall, with an average wage of approximately $295.33. In contrast, Qatar found itself in the sixth position among the countries with the highest wages, boasting an average of about $4068.56.
The classification aimed to shed light on the global disparities in income, emphasising the stark differences in living standards between the highest and lowest earning countries. By highlighting these contrasts, Fonderpass brings attention to the urgent need for economic reforms and policies that enhance wage standards globally, especially in regions struggling with low income.
This revelation by Fonderpass is critical for policymakers, economists, and global organizations, as it underscores the economic challenges faced by populations in the lowest-wage countries. It also prompts a reevaluation of economic policies and initiatives aimed at improving living standards and addressing wage gaps on an international scale.
Libya has been in chaos since a NATO-backed uprising toppled longtime leader Muammar Gaddafi in 2011. The county has for years been split between rival administrations.
Libya’s economy, heavily reliant on oil, has suffered due to the ongoing conflict. The instability has led to fluctuations in oil production and prices, impacting the global oil market and Libya’s economy.
The conflict has led to a significant humanitarian crisis in Libya, with thousands of people killed, and many more displaced. Migrants and refugees using Libya as a transit point to Europe have also faced dire conditions.
The planned elections for December 2021 were delayed due to disagreements over election laws and the eligibility of certain candidates. This delay has raised concerns about the feasibility of a peaceful political transition.
Despite the ceasefire, security remains a significant concern with sporadic fighting and the presence of mercenaries and foreign fighters. The unification of the military and the removal of foreign forces are crucial challenges.
