World Bank Cuts '09 Global Forecast

Eastern Europe and Central Asia have been hit hardest and the region's gross domestic product is expected to plunge by 4.7% this year, the bank said. It said growth should recover next year to 1.6%.

GDP in Latin America and the Caribbean should shrink by 2.3% this year before rebounding to expand by 2% in 2010, the report said.

In the Middle East and North Africa, growth is expected to fall by half this year to 3.1%, while that of sub-Saharan Africa will drop to 1% from an annual average of 5.7% over the past three years, the bank said.

East Asia should post a 5% expansion, supported in part by China's stimulus-fueled growth, the bank said.