World Bank: Global recession has deepened

The World Bank is slashing its forecast for global economic growth this year. International trade and private investment remain frozen, the organization said in a report, likely leading to a 2.9 percent contraction in the world economy in 2009.

Expect the world economy to start growing again in the second half of this year, albeit at a pace that's "much more subdued than might normally be the case," the World Bank said.