The World Bank on Tuesday slashed its global growth forecast by nearly a third to 2.9 percent for 2022, warning that Russia's invasion of Ukraine has compounded the damage from the Covid-19 pandemic, and many countries now faced recession.

The war in Ukraine had magnified the slowdown in the global economy, which was now entering what could become "a protracted period of feeble growth and elevated inflation", the World Bank said in its Global Economic Prospects report, warning that the outlook...