The war in Ukraine threatens to cause lasting damage to the economies of low- and middle-income countries, pushing millions of people into poverty and tipping dozens of countries into a debt crisis, the World Bank has warned.

High commodity prices, collapsing trade growth, rising interest rates and a stronger US dollar will exacerbate fiscal pressures in many countries, making it harder for net importers in particular to service mounting debts, said Indermit Gill, the bank’s vice-president for equitable growth, finance and institutions.

Soaring prices for oil and wheat alone will be enough to severely hamper growth in many developing countries unless the war ends quickly, he added. Oil importers such as China, Indonesia, South Africa and Turkey were particularly at risk.