WASHINGTON - The World Bank sharply reduced its forecast of world economic growth this year, to 1.7%, which would be the third-weakest pace in nearly three decades, behind the global recessions of 2009 and 2020.

The bank said the lower forecast reflected a “synchronous” tightening of monetary policy and continuing disruption caused by Russia’s war in Ukraine.

It warned that small countries reeling from the pandemic and the effects of Russia’s war could see permanent losses to their output.

Assuming that the war does not escalate, Ukraine’s economy is expected to grow by 3.3%, but only after a third of its GDP was wiped out last year.