The World Bank issued a warning today regarding the potential risks that rising oil prices present to global development. The institution highlighted that the increasing cost of oil could significantly impede economic progress, especially in developing countries.

According to the World Bank, sustained high oil prices could necessitate a revision of global growth forecasts. The bank’s analysis suggests that developing nations are particularly vulnerable to the adverse effects of increased energy costs, potentially slowing their development trajectories.

The World Bank urged policymakers to consider the implications of these rising prices and to implement strategies to mitigate their impact, particularly on the most vulnerable economies.