Following four years of stability at around $105 per barrel, oil prices have plummeted since June 2014. Brent and light crude oil prices remained below $50 per barrel on Thursday.
Kim said that historical estimates suggested that a 30 percent decline in oil prices—as projected for 2015—could be associated with an increase in the size of the global economy by around 0.5 percent.
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The World Bank forecast that the world economy would expand by 2.6 percent in 2014 before growing by 3.0 percent in 2015 and 3.3 percent in 2016. This expansion would be thanks to low oil prices, as well as continued recovery in the U.S., a gradual improvement in the euro area and receding domestic headwinds in slower-growing developing countries.
"Our projection is around 3 percent, so you could see a 15-20 percent increase in growth if those oil prices stay low," said Kim, who is co-chair of this year's World Economic Forum.