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The United Nations says high oil prices pose a serious threat to developing economies dependent on oil imports.
The protests at high oil prices may have been loudest in the rich countries, but the annual report by the UN Conference on Trade and Development says it is the poorer countries which will be much harder hit.
But UNCTAD predicts the overall impact of the surge in oil prices will have only a limited effect on global growth.
The report says oil importing developing countries are suffering for two reasons.
 Despite the chaos, the report says global growth should continue |
But the UN report says the impact on global growth should be limited, because the industrialised countries have weaned their economies off their oil dependence.
It believes the global economy is on track for 3% growth this year.
Root causes
Much of this is due to the flourishing US economy, but the report forecasts future growth is dependent on the US economy not overheating and Japan and Europe both improving their performance.
It also warns that many of the root causes that led to the fear of recession a few years ago remain.
Big imbalances in growth, external payments and capital flows are all, it says, storing up problems for the future.
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