The United Nations warned Wednesday that world growth in the next two years will not be enough to recover jobs lost in the financial crisis and that key countries could be heading for a double-dip recession.
The United States, Japan and major European economies are all at risk of a new recession, said a UN report which predicted the world economy will expand by 3.6 percent this year before falling to 3.1 percent in 2011 and 3.5 percent in 2012.
The World Economic Situation and Prospects 2011 report said the growth would be "far from sufficient" to recover the jobs lost in the financial and economic crises.
At least 30 million jobs were lost between 2007 and 2009, and the report said it could take five years to create the 22 million needed to get back to pre-crisis employment levels.
"The road to recovery from the Great Recession is proving to be long, winding and rocky," said the annual UN survey, which predicted US growth will fall from 2.6 percent this year to 2.2 percent next year and then rise again to 2.8 percent in 2012.
The US jobless rate may rise above 10 percent next year from the current 9.6 percent, the UN warned.
Recovery will continue to be driven by the emerging economic powers -- China, India and Brazil -- said the report.
China's growth will fall from 10.1 percent to 8.9 percent in 2011 before hitting the critical 9.0 percent target again in 2012. Japan's output growth will fall from 2.7 percent this year to 1.1 percent in 2011 and then rise to 1.4 percent.
India will go from 8.4 percent to 7.1 percent next year and then 7.3 percent in 2012. Brazil will go from 7.6 percent growth this year to just 4.5 percent in 2011 and then 5.2 percent in 2012.
The 16-nation eurozone will fall from a predicted 1.6 percent this year to 1.3 percent in 2011 and then 1.9 percent, the report said. Britain's economy will grow 1.8 percent in 2010, 2.1 percent next year and then 2.6 percent in 2012.
"The recovery of the world economy has started to lose momentum since the middle of 2010, and all indicators point at weaker global economic growth," said the report.
"The outlook remains uncertain and surrounded by serious downside risks," it added.
"The recovery may suffer further setbacks if some of the downside risks materialize, in which case a double-dip recession is looming for Europe, Japan and the United States," said the UN experts.
Rob Vos, a director of the UN's department of economic and social affairs, criticised the major economic powers for their "finger-pointing" over currency values.
He said that while sovereign debt fears had jolted financial fragility, fiscal stimulus measures were being withdrawn too soon and should be geared toward job creation.
"As governments shift from fiscal stimulus to austerity, the recovery process is being placed in further jeopardy," said the report.
Vos said that money being printed by the United States and other governments in developed economies was going to emerging markets where more money could be made and this risked creating "asset bubbles".
The US Federal Reserve has announced a move to buy 600 billion in government bonds, a move which has raised international concerns.
"Further quantitative easing and a further depreciation of the dollar could be a way for the United States to try to inflate and export its way out of its large foreign liability position," the report said. "But it could more likely risk disruption of trade and financial markets."