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Two big risks for emerging world: World Bank president

The impact of lower commodity prices on big emerging market exporters and the prospects of higher interest rates in the United States present major risks to the developing world, Dr. Jim Yong Kim, president of the World Bank Group, said Thursday.

"What we're saying to the developing markets is you've really got to now get serious about structural reforms," he said in an interview on "Squawk on the Street."

Prospects are low for Latin America this year, and Russia, Brazil and Nigeria are creating drag on the global economy in the face of lower oil prices and a broader decline in commodities, he said.

A rate hike by the Federal Reserve expected to come later this year could also create headwinds, Kim said.

In the past, tighter monetary policy in the United States has negatively impacted emerging markets because investors rein in money as capital becomes more expensive.