The World Bank said on Monday that the global economy is expected to shrink five-point-two percent this year due to the COVID-19 pandemic.

The bank presented the grim outlook in its updated "Global Economic Prospects," saying that the current crisis is the deepest global recession since World War Two.

The bank slashed its outlook by seven-point-seven percentage points from a two-point-five percent growth forecast made in January. The five-point-two percent contraction is a far grimmer outlook than the three-percent fall projected by the International Monetary Fund in April. 

The World Bank said that the current crisis is almost three times as steep as the 2009 global recession. 

The organization expected advanced economies to shrink seven percent in 2020, while emerging market economies will contract two-point-five percent.