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World economy grew at weaker pace in 2012

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The United Nations says the world economy grew at a significantly weaker pace in 2012 and is not likely to pick up enough in the next two years to recover jobs lost during the global financial crisis.

The UN's report on the World Economic Situation and Prospects 2013 said it may take at least another five years for Europe and the United States to make up for the job losses caused by the 2008-2009 recession with existing policies and growth trends.

According to Tuesday's report, world economic growth is expected to reach 2.2 per cent in 2012 and is forecast to remain "well below potential" at 2.4 per cent in 2013 and 3.2 per cent in 2014.

It said weaknesses in the major economies "are at the root of continued global economic woes".