The worst of the downturn may not be over. The World Bank lowered its growth forecast this Monday, saying that the economy will shrink to 2.9 percent, instead of its original forecast of 1.7 percent last March.

“The global recession has deepened,” the organization reports.

Data reports around the world shows encouraging data in the past weeks. Despite optimism, economists warn that recovery is still uncertain. What is sure, they say, is that the pace of economic decline is slowing.

Developing countries will receive the brunt of the damage this year. A drop of investment, capital flow, and demand for their exports are expected, as the high-income countries’ economy shrink. Recovery may begin but these nations will lag behind high-income countries.

The World Bank advises to exercise caution. Economic data is showing “less worse” results than last quarter 2008 but global economic health remain really weak.

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