World Bank president David Malpass said the downturn would be "broad-based" and growth in people's earnings in almost every part of the world was likely to "be slower than it was during the decade before Covid-19".Global food and energy prices jumped last year as the war in Ukraine led to reduced crop supplies and pushed the West to move away from Russian fossil fuels.The World Bank said higher borrowing costs have stifled business investments and warned that more companies were struggling with their debts.Developing economies are also being squeezed hard by US interest rates, which are expected to rise further.The Bank said that even with the global economy "under pressure" the right government policies could offer hope."