WORLD BANK CUTS GLOBAL GROWTH OUTLOOK, SEES EURO-AREA RECESSION

Bloomberg, which just released an embargoed summary of the World Bank action, summarizes it all.
World Bank cuts global growth forecast by most in 3 yrs as euro area recession threatens to exacerbate slowdown in emerging markets, World Bank says in Global Economic Prospects report.
Sees world economic growth of 2.5%, down from June est. of 3.6%
Sees euro area GDP contracting 0.3% in 2012, compared with pvs est. of 1.8% growth
World Bank estimates euro area entered recession in 4Q
U.S. outlook cut to +2.2% from +2.9%
Japan forecast cut to 1.9% growth from 2.6%
China's GDP growth will slow to 8.4%, unchanged from interim revised projection released in Nov.
India forecast cut to 6.5% from 8.4%

And the punchline:
World Bank urges developing economies to "prepare for the worst" as it sees risk for European turmoil to turn into global financial crisis reminiscent of 2008
Even achieving much weaker outcomes is very uncertain