Recession will be hard to avoid for many countries as outlook dims, World Bank says.

The World Bank said on Tuesday that the hope of avoiding a recession is fading.

The war in Ukraine, supply chain chokeholds, Covid-related lockdowns in China, and soaring energy and food prices are battering economies all along the income ladder, leaving them with slower growth and rising inflation.

David Malpass, president of the World Bank, said in a statement that this ishammering growth. It will be difficult to avoid a recession.

The global economy is expected to grow at a slower rate this year and in the years to come. The outlook in the bank's latest report is worse than it was six months ago and below the International Monetary Fund's forecast.

It is expected that growth will remain subdued in the years to come. According to the report, growth for 2020s is expected to be below average.

Other than a handful of oil exporting nations like Saudi Arabia, which are benefiting from prices of more than $100 a barrel, there is no place on the globe that has not seen its prospects dim. The United States and Europe are expected to grow at 2.5 percent this year. China is expected to grow by 4.3 percent in 2021.

Russia's economy is expected to shrink by 9%, but still less than other forecasts.

TheUkraine war and the Pandemic will be the hardest setbacks for emerging nations. The poor nations will suffer.

According to the report, per capita income in the developing world will fall by 5 percent. Government debt loads are increasing at the same time as interest rates go up Extreme poverty will be faced by 75 million more people than previously thought.

The bank said that the economic threats are similar to those faced in the 1970s when oil shocks and rising interest rates caused a paralyzing Stagflation. A lost decade of growth was caused by a series of financial crises that ravaged developing nations.

The bank, which provides financial support to low- and middle-income nations, continues to offer remedies that include limiting government spending, using interest rates, and avoiding trade restrictions and subsidies. Priority should be given to protecting the most vulnerable people, according to the report.

Ensuring that low-income countries have enough Covid vaccine supplies is part of that protection.