The World Bank's global growth forecast for 2022 has been cut by nearly a full percentage point.
World Bank President David Malpass said on Monday local time that the bank slashed the world's growth estimate from 4.1 percent to just 3.2 percent.
The bank had already slashed its estimate by 0.2 percent back in January due to COVID-19 and supply bottlenecks,
but Russia's invasion of Ukraine has forced it to slash growth rates by even more.
The war in Ukraine has driven up food and energy prices.
Europe and Central Asia have been hit hardest, and are expected to contract by more than 4 percent.
Malpass added that he expects to discuss with the board a new 15-month crisis financing package of 170 billion U.S. dollars.
This will support the world's poorest countries and ones that have accepted refugees from Ukraine.
The world's top economic officials are to discuss the economic crisis during this week's spring meeting between the World Bank Group and International Monetary Fund
and also during the upcoming meeting of G-20 finance chiefs and central bank governors.