A report from The Work Foundation shows unemployment could rise by 51 million worldwide unless ‘urgent action' is taken.
David Coats, associate director of policy at The Work Foundation, said: "Unemployment is devastating for individuals, bad for business and socially damaging. The widespread public anxiety about jobs is best dealt with my co-ordinating international action to cut interest rates, increase the supply of money and boost public spending - even if it means difficult decisions about borrowing more in the short term.
"This is how the world can avoid the risk of prolonged depression."
Meanwhile, reports came in yesterday of employees in the City waving £20 notes at protesters at the Bank of England, and business experts are already calculating the cost of G20 protests on the UK economy. Although it is estimated only 4,000 protesters have taken to the streets of London, they have reached The Royal Bank of Scotland offices on Bishopsgate where windows have been smashed.
Oliver Chiver, head of business marketing at T-Mobile UK, said: "Today's demonstrations will see chaos for London's City workers. They will not only cause enormous inconvenience for businesses, but also be costly to the UK economy as many Square Mile employees are forced to take the day off."
G20: Work Foundation calls on world leaders to act quickly to avoid a global unemployment disaster
World leaders must put employment at the heart of the G20 agenda to avoid a global jobs crisis, according to The Work Foundation.
