The World Bank cuts its 2022 global growth forecast by nearly a full percentage point to 3.2% from 4.1% due to the fallout from the Ukraine crisis, World Bank President David Malpass said, Reuters reported.

The World Bank has responded to the additional economic stress caused by the war by proposing a new 15-month crisis financing target of $170 billion, with a goal of disbursing about $50 billion of that funding over the next three months, he said.

Malpass said the biggest component of the decline in the growth forecast was a 4.1% contraction in the Europe and Central Asia region, including Ukraine, Russia and neighboring countries. Forecasts are also lower for advanced economies and many developing countries due to spikes in food and energy prices caused by war-related supply disruptions, Malpass added.