The World Bank cut its forecast for global economic expansion this year on Russia’s invasion of Ukraine and is planning to mobilize a funding package bigger than the COVID-19 response for nations to deal with various resulting and ongoing crises.

The institution lowered its estimate for global growth in 2022 to 3.2% from a January prediction of 4.1%, President David Malpass told reporters on a call on Monday. The decline was spurred by a cut in the outlook for Europe and central Asia, which include Russia and Ukraine, Mr. Malpass said. The global forecast for this year compares with 5.7% expansion in 2021, he said.

The World Bank chief said he expects to discuss a new 15-month crisis-response package of about $170 billion to cover April 2022 through June of next year with the bank’s board in coming weeks, with about $50 billion of this amount to be deployed in the next three months.

“This is a continued, massive crisis response given the continuation of the crisis,” Mr. Malpass said, adding that the new initiative will exceed the $157 billion mobilized for the initial phase of the COVID-19 pandemic.

Mr. Malpass’ comments and plans come ahead of the International Monetary Fund and World Bank’s spring meetings taking place this week in Washington, where food security, inflation, debt and the shock of Russia’s invasion of Ukraine are set to be featured.

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