Tuesday, the Organisation for Economic Co-operation and Development, or OECD, said the world economic activity is expected to shrink 2.7% in 2009.

The global recession will worsen this year before a policy-induced recovery gradually builds momentum through 2010, the OECD said in its interim economic outlook.

Gross domestic product, or GDP, for the U.S. is forecast to fall 4% in 2009 then remain unchanged next year. In Japan, economic output is projected to fall 6.6% this year. The Eurozone GDP is forecast to drop 4.1% in 2009 and 0.3% in the next year.

Brazil's GDP is expected to decline 0.3% in 2009, while Russia's is projected to fall 5.6%. Growth in India will ease back to 4.3% this year and in China to 6.3%, the OECD said.

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