A homeless man panhandles for donations on the streets of Ontario, Canada. (File photo)
The global unemployment rate has reached an all time high as the number of jobless people exceeds 197 million for the first time in human history.
According to a report published by the International Labour Organization (ILO), the number of unemployed workers worldwide has grown by 28 million people since the global financial crisis began five years ago, leaving 197 million people without jobs in 2012.
"This is a massive waste of the lives of young people and their talents and extraordinarily damaging to the people themselves and their societies even if stability were not to be affected," said ILO chief Guy Ryder.
The agency criticized the United States and Europe for their "incoherent monetary policy", which has threatened economic recovery and contributed to the global job loss.
“The crisis [lies] in labour markets of both advanced economies and developing economies,” the ILO said, adding that the “epicenter of the crisis has been the advanced economies, accounting for half of the total increase in unemployment.”
The agency added that the trend would continue for 2013, forecasting an additional 5.1 million jobless workers, while pushing the overall unemployment rate to 202 million people across the world.
According to a United Nation's report, six percent of the world's workforce went without a job in 2012, with the youth - those under 24 - particularly affected with nearly 13 percent unemployed. Approximately 35 percent of all young unemployed people have been out of work for six months or longer in advanced economies, up from 28.5 percent in 2007.
This comes as the US economy continues to be burdened by ongoing negotiations over the debt ceiling, and lingering spending cuts associated with the fiscal cliff.
In Europe, economic recovery remains dependent on the capability of political leaders to find joint proposals to deepen Europe's economic and monetary union by May, the ILO concluded.