The largest single factor behind the economic slowdown was a projected economic contraction of 4.1% across Europe and Central Asia, World Bank noted
Other factors include higher food and fuel costs borne by consumers in developed economies across the globe, the organisation added.
These are partly the result of Western sanctions on Russian energy, which have driven up the price of oil and gas worldwide. Supply disruptions to Ukrainian agricultural exports are also cited as contributing factors to pushing prices higher.
Russia has blockaded Ukraine’s major Black Sea ports, making it extremely dangerous for shipping vessels carrying grain and other products to travel the key maritime pathway connecting Ukraine to the rest of the world.
The World Bank said it is preparing for a continued crisis response, given the multiple crises, adding that its board is expected to discuss a new 15-month crisis response envelope of about US$170 billion to cover April 2022 through June 2023.