The global economy may be headed for years of weak growth and rising prices, a toxic combination that will test the stability of dozens of countries still struggling to rebound from the pandemic, the World Bank warned Tuesday.

Not since the 1970s — when twin oil shocks sapped growth and lifted prices, giving rise to the malady known as “stagflation” — has the global economy faced such a challenge.

The World Bank on Tuesday slashed its global growth forecast and warned that many countries could fall into recession as the economy slips into a period of stagflation reminiscent of the 1970s.

Global economic expansion is expected to slip to 2.9% this year from 5.7% in 2021 — 1.2 percentage points lower than the 4.1% predicted in January, the Washington-based bank said in its latest Global Economic Prospects report.

The World Bank cut its global growth forecasts for 2022 on Tuesday and warned of the “sharpest slowdown in 80 years.”

In January, the international financial institution forecasted 4.1% economic growth for this year. In light of elevated inflation, lockdowns in China, the Russian invasion of Ukraine, and other phenomena, the World Bank revised its 2022 forecast to 2.9%.