Global economic growth is projected to slow to 2.9 percent in 2019 from a downwardly revised 3 percent in 2018 amid rising downside risks, the World Bank said on Tuesday.

In its newly-released Global Economic Prospects report, the World Bank said the outlook for the global economy "has darkened" as global financing conditions have tightened, trade tensions "have intensified," and some large emerging market and developing economies have experienced significant financial market stress.

"Faced with these headwinds, the recovery in emerging market and developing economies has lost momentum," the report said, expecting emerging market and developing economies to grow at 4.2 percent in 2019, 0.5 percentage points lower than previously projected in June.

Growth in advanced economies is estimated to slow to 2 percent in 2019 from 2.2 percent in 2018, as major central banks continue to withdraw monetary policy accommodation, according to the report.

"Downside risks have become more acute and include the possibility of disorderly financial market movements and an escalation of trade disputes," the report said, warning that intensifying trade tensions could result in weaker global growth and disrupt globally interconnected value chains.