Cross-border remittances hit a record high for the third year in a row, with employees from South Asia, East Asia and the Pacific driving growth, according to data released by the World Bank。

On the 30th local time, the World Bank issued a warning that if the Palestinian-Israeli conflict continues to escalate and expand, it will seriously affect global crude oil supplies.。In the worst case, international oil prices could rise to close to $160 a barrel, breaking record highs and, in turn, pushing up food prices。The World Bank says international crude oil prices have so far risen about 6 percent since the new Palestinian-Israeli conflict broke out earlier this month。

The conflict between Israel and the Palestinian Islamic Resistance Movement (Hamas) could deal a serious blow to global economic development, World Bank President Ajay Banga said at the 7th Future Investment Initiative Congress in the Saudi capital Riyadh on 24 local time.。He said: "The impact of the recent conflict in Israel and Gaza on economic development has been even more serious.。We are at a dangerous juncture。"