Global growth could plunge to 2009 levels next year when adjusted for base effects as the Ukraine crisis continues to weigh on the world economy, according to the Institute of International Finance.
Economists said that growth was likely to fall to just 1.2% in 2023, Bloomberg reported.
They see the ongoing conflict, which has injected volatility into stock markets and triggered price surges for commodities from crude oil to wheat, to suppress economic growth for all of next year.
The eurozone economy is likely to contract by 2% as business confidence falls, according to the IIF.
Meanwhile, Latin America is likely to prove a "positive standout" - and the continent's economy could expand by 1.2% next year, the trade body said.
