The World Bank has significantly slashed its global growth forecast for this year as it warned of a serious stagflation period unseen since the 1970s.

In its latest outlook shared on Tuesday, the institution forecast the global economy will grow two-point-nine percent this year, marking a downward revision from four-point-one percent announced in January.

Listing Russia’s war on Ukraine, China’s containment policy for COVID-19, supply chain disruptions and a stagflation risk as contributors to downward pressure on the economy, the World Bank said economic recession would be difficult to avoid in many countries.

It expressed particular concerns over stagflation, or high inflation combined by depression, reminiscent of the oil crisis in the 1970s.

The World Bank has projected global economic growth to slow by two-point-seven percentage points between 2021 and 2024, more than twice the deceleration between 1976 and 1979.