The World Bank slashed its 2022 global growth forecast to 2.9 percent on Tuesday, 1.2 percentage points below the January forecast. 

The Russia-Ukraine conflict and COVID-19 pandemic have magnified the slowdown in the global economy, which is now entering what could become "a protracted period of feeble growth and elevated inflation," the World Bank said in its Global Economic Prospects report.

Global growth is expected to slump from 5.7 percent in 2021 to 2.9 percent in 2022 – significantly lower than the 4.1 percent that was anticipated in January, the report said, noting that as a result of the damage from the pandemic and the war, the level of per capita income in developing economies this year will be nearly 5 percent below its pre-pandemic trend.

"The war in Ukraine, lockdowns in China, supply-chain disruptions, and the risk of stagflation are hammering growth," said World Bank President David Malpass, adding that it would be hard to avoid recessions for many countries.

The forecast expected inflation to moderate globally next year but to remain above the targets of many economies. 

The report notes that if inflation remains elevated, a repeat of the resolution of the earlier stagflation episode could translate into a sharp global downturn along with financial crises in some emerging markets and developing economies.

The report highlights the need for decisive global and national policy action to avert the worst consequences of the war in Ukraine for the global economy. This will involve global efforts to limit the harm to those affected by the war, cushion the blow from surging oil and food prices, speed up debt relief, and expand vaccinations in low-income countries. It will also involve vigorous supply responses at the national level while keeping global commodity markets functioning well.