WASHINGTON, June 7. /TASS/. The World Bank revised its forecasts for future development of the global economy this year towards a significant decline in growth rates - from 4.1% expected in January to 2.9%, the organization said in a report published on Tuesday.

"Our forecasts reflect a sizable downgrade to the outlook: global growth is expected to slow sharply from 5.7% in 2021 to 2.9% this year. This also reflects a nearly one-third cut to our January 2022 forecast for this year of 4.1%," the report said. According to the experts, the growth rate of the global economy will presumably remain at about the same level in 2023-2024.

Some effects of Russia's special military operation in Ukraine have added to the damage from the coronavirus pandemic, the report said, and aggravated the slowdown in the global economy. "Several years of above-average inflation and below-average growth are now likely, with potentially destabilizing consequences for low-and middle-income economies. It’s a phenomenon - stagflation - that the world has not seen since the 1970s," the World Bank warned.