The World Bank has sharply lowered its forecast for global economic growth for this year from three percent to one-point-seven percent.

The bank presented the grim outlook in a report on Tuesday, citing high inflation, aggressive central bank policies, deteriorating financial conditions and Russia’s invasion of Ukraine.

The one-point-seven-percent figure represents a decrease of one-point-three percentage points from the bank's estimate in July of last year and marks the lowest over the past 30 years with the exceptions of the recessions of 2009 and 2020.

The organization marked down growth estimates for 95 percent of advanced economies and about 70 percent of emerging and developing nations.

The World Bank said that growth in the world's richest economies is likely to slow sharply from two-point-five percent in 2022 to just half a percent this year.

The U.S.’ growth is forecast to fall to zero-point-five percent, while the eurozone is not expected to see any expansion at all this year. The outlook for South Korea was not included in the report.