The Economist Intelligence Unit last month reported that there was no let up in the deterioration of the global economy in the first few months of the year.

"In particular, the collapse in global trade since end-2008 is causing severe problems for export-dependant economies, particularly those in East Asia and Germany," the group said in a report.

The researcher now forecasts the world economy will contract by 2.6 percent year-on-year. A global recovery will begin in 2010.