INOMICS announces 2020 Salary Report and releases findings related to the impact of the coronavirus pandemic on economists

Berlin, November 23rd, 2020

In 2020, INOMICS once again carried out its yearly salary survey, collecting responses from economists around the world. As in previous years, the survey considered pay, sector, seniority, location, gender and educational background. 

As of November 2020, over 1,500 economists have completed the survey. Data collection will continue until the end of December 2020. INOMICS will release the full results in the first half of 2021 as a standalone Salary Report. 

The 2020 Survey was launched in Spring, as cases of coronavirus were beginning to increase around the world. Consequently, INOMICS included new questions to assess the effect of the coronavirus crisis on economists and economics students.

These findings will be published in a series of online articles between November 2020 and January 2021 on inomics.com.

Key findings related to the impact of the pandemic on the economics profession include:

  • One third of economist jobs have been negatively affected by the Coronavirus Pandemic. This includes being made redundant, reduced hours or salary, a contract not extended or a scheduled promotion cancelled or delayed. 
  • 6% of economists said they have lost their job because of the pandemic.
  • Economists in the private sector have been hit harder than those in the public sector or academia.
  • Economists in the Global South have been more affected than those in the Global North. 62% of economists in Africa and 56% in South Asia reported being negatively affected by the pandemic professionally, compared with just 23% in North America, and only 16% in Western Europe.
  • Over half of economists (55%) feel they have not received sufficient support and training for remote working or moving to digital tools.
  • There is a clear trend towards remote working and significant shifts for economists in work/life balance.
  • The majority of economists have been able to maintain their employment in some form.

INOMICS is still accepting submissions for its 2020 Salary Report. Economists and economics students can complete the salary survey on inomics.com/salary-survey.

The full Salary Report, including an overview of the average salaries of economists by geography, gender, level of education and type of position, as well as the complete findings of the coronavirus impact survey, is due to be launched in the first half of 2021.

INOMICS Salary Reports from previous years can be found at inomics.com/reports.

Source: INOMICS

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