The International Monetary Fund (IMF) further downgraded its projection of 2009 global economic growth this week from a negative 1.3percent to a negative nearly 2%.

The world economy would receive a modest recovery for 2010 to 1.9% which could be sluggish relative to past recoveries, the IMF said in a statement.

The IMF which represents 185 member countries predicts that global unemployment levels will rise through 2010 before receding. Developed economies such as North America and Western Europe are expected to contract 3.8% in total.

Meanwhile, emerging economies such as China and India are projected to grow at 6.5% and 4.5% respectively.

Although they have higher rates of growth, it is hard to compare to the West, where a 1 percent or 3 percent difference (in economic growth) is substantially more money, said Joseph Zveglich, assistant chief economist at the Asia Development Bank.