Global economic output is likely to fall between 1 and 2 percent in 2009, the World Bank President said on Wednesday.

President Robert Zoellick said the world’s economy was heading towards its worst recession since the 1930s, according to the Daily Mail.

Zoellick also predicted trade would drop by its fastest rate in 80 years.

“Central and eastern Europe is particularly exposed because over the last two decades it moved quickly to integrate with trade, investment and remittances,” he said.

“You also have the problem of domestic assets in foreign currencies, whether it be euro or Swiss francs,” he added.