'Further tests' are ahead before the economy will start to recover again.
The chief of one of the world's most respected economics organisations has warned that there is a long way to go before the economic downturn ends.
Dominique Strauss-Kahn, head of the International Monetary Fund (IMF) said that the crisis was "not yet over" and that there would be "further tests ahead" prior to recovery. However, the expert also praised governments' policy response to the credit crunch - and said that the downturn would not be as bad as the Great Depression of the 1930s as a result.
The UK officially entered recession at the end of last year due to the financial crisis. Over the first three months of 2009, the economy contracted by a further 1.9 percent - although there have been some reports of "green shoots" of recovery since.
Mr Strauss-Kahn commented: "This crisis is not yet over and there will, in all likelihood, be further tests ahead … The big challenges lie ahead. Let’s not lose the momentum."
The IMF predicts that the UK economy will shrink by around four percent this year. Global economic growth is also forecast to go "below zero" - near-unprecedented in peacetime.
