World Bank warns "unusually uncertain" for global economy

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Play VideoExpert on World Bank´s report Play VideoWorld Bank: Most economies in deeper slump

The World Bank is warning that prospects for the global economy remain "unusually uncertain".

This is despite recent signs of improvement in some parts of the world. The bank has cut its 2009 growth forecasts for most economies.

The World Bank's "2009 Global Development Finance" report details individual economies for the first time.

The report predicts that the world economy is expected to show its worst indicators since World War Two.

It had recently cut its forecast for the global economy to a contraction of 2.9 percent. This was from a projection for a 1.7 percent decline set in March.

Developing economies are expected to increase by 1.2 percent, a sharp drop from 8 percent in 2007 and 6 percent in 2008.

Except for China and India, the GDP of developing economies is expected to decline by 1.6 percent.

World Bank Senior Vice President and Chief Economist Justin Lin (L) and World Bank Prospects Group Manager Hans Timmer wait to speak at their news conference launching the Global Development Finance Report 2009, part of the Annual Bank Conference on Development Economics, in Seoul June 22, 2009.REUTERS/Jo Yong-Hak