The International Labour Organisation (ILO) World of Work report 2012 said unemployment around the world is set for 202 million this year - while strategies of cuts and hammering labour rights are having devastating consequences and mostly failed to reduce fiscal deficits.
ILO Institute for International Labour Studies director Raymond Torres, who is lead author of the report, said the narrow focus on austerity by many eurozone countries is deepening the jobs crisis and could lead to another recession in Europe.
He said countries which have tried to create jobs have done better and "many of them have also become more competitive and have weathered the crisis better than those that followed the austerity path."
For example, in Brazil, Indonesia and Uruguay employment rates have increased while informal, part-time employment has declined - mainly due to the introduction of well-designed employment and social policies.
Tax Justice Network international secretariat director John Christensen commented: "Our austerity policies were doomed and flawed from the start. It was a foolish road to go down."
He said there should be state-led policies which redistribute wealth equitably - tax avoidance and evasion by the global elite is on an "astounding" scale.
And Professor of Industrial Relations and Human Resources Management at the University of Wolverhampton Business School Roger Seifert said: "Many senior policy makers are not yet ready to abandon fiscal and monetary policy levers in place of direct real growth measures."
The ILO also said small companies have limited access to credit, which is depressing investment and preventing job creation.
"Especially in Europe, job recovery is not expected before the end of 2016 unless there is a dramatic shift in policy direction."
download World of Work report 2012 report
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