According to the International Monetary Fund, the world is starting to pull itself out of the first recession since World War II.

In the updated economic forecast, the IMF said that the global economy was already stabilizing, the financial crisis has eased and the recession will end in the second half of this year. 

The report marked the first time the IMF has sounded a more positive note since the financial crisis struck in October, though the global lender also warned against satisfaction. 

"While the global economy is still in recession, the recovery is coming," said IMF chief economist Olivier Blanchard. 

The world economy will shrink 1.4% this year but grow by 2.5% in 2010, the IMF said. But the IMF warned the recovery would be "uneven" and growth would remain "sluggish" for much of the next 2 years, especially in wealthy countries where the economic crisis began. 

Much of the growth over the next 2 years will come from the emerging world. Wealthy countries will shrink 3.8% this year and grow only 0.6% in 2010, the IMF said. Developing countries will grow 1.5% in 2009 and 4.7% next year.