The World Bank offered a grim forecast for global growth next year. The bank forecast slowing growth of just 0.9% for the world economy and said global trade volume would fall 2.1%, as the financial crisis takes its toll on rich and poor nations around the world.
The outlook for the world economy has deteriorated significantly and the global recession will be broader and deeper than previously anticipated according to the bank.
Economies in developing countries would likely expand at a reduced annual pace of 4.5% while wealthier, developed economies are expected to contract 0.1%, it said.
The report came amid a slew of more bad news from companies and countries worldwide.