The G7 club of rich nations pledged Monday to cooperate to bring stability to battered global markets, where stocks buckled on fears government action will be too late to prevent a worldwide recession.

China's economic growth next year will remain below double-digits as the global downturn hits developing nations, the World Bank's chief economist said in comments reported here on Monday.

Growing fears of global recession sent shares plummeting Monday as markets shrugged off fresh government measures to protect shell-shocked economies and a G7 pledge to stabilise the financial system.

Belgium will inject 3.5 billion euros (4.4 billion dollars) into KBC bank after heavy share price falls forced the company to seek recapitalisation support, the bank said in a statement Monday.

The Company is not able to evaluate the chances and consequences of the claim at this time.