The World Bank says the economies of developing countries are expected to grow by just 1.2% this year, compared with 5.9% in 2008 and 8.1% in 2007.
And if China and India are excluded, gross domestic product in developing countries is projected to fall by 1.6%.
Its annual Global Development Finance report warns of possible joblessness and poverty in developing nations.
It also forecast the global economy as a whole would shrink by 2.9% this year, against an earlier prediction of 3%.
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