UN: US, Europe may take 5 years to recover from jobs crisis

UNITED NATIONS - Global economic growth is expected to remain sluggish in the coming year and will be insufficient to pull countries out the unemployment crisis many are facing, the United Nations said in a report on Tuesday.
It said under policies now in place it may take at least five years to recover from the job losses in Europe and the United States in the 2008-2009 recession.
"A worsening of the euro area crisis, the 'fiscal cliff' in the United States and a hard landing in China could cause a new global recession," said Rob Vos, head of the UN Development Policy and Analysis Division. "Each of these risks could cause global output losses of between 1 and 3 percent."