The world’s three leading economic organizations are strongly warning against the seriousness of the prolonged global economic crisis.

The International Monetary Fund lowered its outlooks for the growth of major economies in a recent economic outlook report, explaining that the world economy is highly likely to degrade to a serious level.

The Organization for Economic Cooperation and Development predicted that the economy will continue to worsen for several more months, noting the average composite economic leading index among 34 member countries dropped a tenth of a percentage point to 100-point-one in August.

The World Bank said in a report that problems with the U.S. and European economies are posing risks to the rest of the world, including the East Asian and Pacific region.