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Although there are "encouraging signs of recovery" in the labour market, according to the International Labour Organisation, it warned that unemployment rates remain "stubbornly high" and that people are now out of work for longer. Five years on from the financial crisis, the ILO said the employment situation remains "uneven", with emerging and developing economies recovering much faster than the majority of advanced economies. In the UK alone, the ILO said that more than 43,000 jobs were lost between the last quarter of 2012 and the first quarter of 2013. It warned that Britain was "caught in a vicious spiral of weak aggregate demand and lack of productive investment". "Stagnating wages are adversely affecting demand, which in turn is dampening real investment, leading to poor job creation – reinforcing weak demand and so on," the ILO added. It predicted that employment rates across emerging and developing economies will return to pre-crisis levels in 2015; while employment rates in advanced economies will only return to pre-crisis levels after 2017, more than ten years after the global financial crisis hit...This is a present day problem because the World's population is increasing at a ever faster rate. The politicians are trying to cram as many people onto this small island through an open borders immigration policy, instead they should be trying to reduce population. It has been estimated by economists that if Britain had a population of approximately 40m we would all be better off financially....Echoing warnings from politicians and other leaders that joblessness threatens the social fabric, the ILO said that employment trends have fuelled social tensions. "Unrest related to the effects of the global crisis has occurred in both the advanced and developing and emerging economies," said the report. "This increase in the risk of unrest in the European Union is likely to be due to the policy responses to the ongoing sovereign debt crisis and their impacts on people’s lives and perceptions of well-being," it added. "This bleak economic scenario has created a fragile social environment, as fewer people see opportunities for obtaining a good job and improving their standard of living."

The ILO said that countries needed to pay more attention to the employment and social impact of different economic policies.

“More and better jobs are needed so there can be a more balanced distribution of income in both advanced and developing economies,” said Raymond Torres, director of the International Institute of Labour Studies, the research arm of the ILO.

Its report comes days after official figures showed that unemployment in the eurozone touched a fresh high in April, ticking up to 12.2pc from 12.1pc in March.

Fears that Europe is facing a 'lost generation' were underlined by the youth unemployment rate standing at 24.4pc in the eurozone during April.