It expects the world economy to grow by just 1.7% this year - a sharp decrease from the 3% it predicted in June.
The report blames a number of factors stemming from Russiaʼs invasion of Ukraine and the impact of the pandemic.
The effects of higher interest rates are picked out as the key challenge for policy makers to overcome.
World Bank president David Malpass said the downturn would be "broad-based" and growth in peopleʼs earnings in almost every part of the world was likely to "be slower than it was during the decade before Covid-19".
The 1.7% growth figure would be the lowest since 1991, with the exceptions of the recessions of 2009 and 2020, which were caused by the global financial crisis and the Covid pandemic.
UK economy shrank more than previously thought
US interest rates rise to fresh 14-year high
China factory activity shrinks more than expected
The World Bank said the US, the Eurozone and China - the three most influential parts of the world for economic growth - were "all undergoing a period of pronounced weakness", a downturn that was worsening the problems faced by poorer countries.