The World Bank has lowered its global economic forecast for this year in light of trade conflicts, a slowdown in global trade and weak investment.

In its semi-annual Global Economic Prospects report released on Tuesday, the bank forecast the world economy to expand two-point-six percent this year, down point-three percentage points from its earlier projection made in January. 

The organization projected two-point-seven percent for 2020 and two-point-nine percent for 2021. 

The bank said momentum for growth remains fragile, and warned of risk factors such as trade tensions between the U.S. and China, financial turbulence in emerging markets and sharper-than-expected weakness in advanced nations. 

AFP said recently-appointed World Bank President David Malpass told reporters that global growth is "fragile" and that the slowdown jeopardizes progress in battling world poverty.

He reportedly added that the global economic outlook, in both the near and long term, is confronting "substantial challenges."