Malpass said the biggest component of the bank’s growth forecast reduction was a 4.1% contraction in the Europe and Central Asia region, which includes Ukraine, Russia and neighboring countries.
Projections are also being cut for advanced and many developing economies due to increases in food and energy prices caused by war-related supply disruptions, Malpass said.
The International Monetary Fund is expected to cut its global growth forecast on Tuesday.
“We are preparing for a continued crisis response, given the multiple crises,” Malpass said. “In the coming weeks, I look forward to discussing with our board a new crisis response of around $170 billion to cover from April 2022 to June 2023.”
The plan is the continuation of a $160 billion World Bank COVID-19 financing program, of which $157 billion has been committed as of June 2021, the official said.
Malpass said the funding will partly support countries that have taken in refugees from Ukraine and will also help solve the problems of nations affected by food shortages.
Malpass said members of the World Bank and IMF will discuss new aid for Ukraine this week, and he expects several donor countries to announce specific commitments.
