The World Bank issued a report Tuesday, on the eve of a G20 summit in London, projecting the global economy to contract by 1.7% in 2009, making it the first contraction since World War II. The forecast from the World Bank, which also includes expectations for growth of 2.3% in 2010, is basically inline with the forecast given by its sister institution, the International Monetary Fund (IMF), just a few weeks prior. The World Bank's outlook has become increasingly dire since its last report published in November, when the group said the global economy would most likely grow 0.9% in 2009 and 3% in 2010.

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