— This is the script of CNBC's news report for China's CCTV on January 14, Wednesday.
Look for the global economy to add 3 percent this year..
That compares to last year's projected 2.6 percent growth.
According to the world bank's Global Economic Prospects report... the rise will be thanks to lower oil, low rates and a stronger US economy - which is expected to rise 3.2 percent.
[AYHAN KOSE / Director of Development Prospects, World Bank] "In addition to that, you can never underestimate the importance of geopolitical risks volatility in commodity markets and in the backdrop, of course you have the slowdown in potential growth in both advanced economies and emerging market economies."
Among the other highlights - modest growth for Japan and the Eurozone.. China will slow to 7.1 percent and Russia... could contract as much as 2.9 percent
The Bank says risks to the outlook remain tilted to the downside, not least of which is the spectre of higher interest rates.
[JIM AWAD / Managing Director, Plimsoll Mark Capital] "If you get a 5 or 7 dollar decline in oil prices you run the risk of running some bankruptcies or defaults there that could freeze up the credit market it could be somebody like Russia or Venezuela and then the situation in Greece I think is scaring people a little bit what if they decide to leave the euro and it is not as orderly as the Germans seem to think it will be in terms of the ramifications for the credit structure and bank write off."
Nymex and Brent crude hovering at six year lows.
This despite a higher than expected 3.9 mn build in US crude inventories.
Overnight, oil prices slumped 5% to near 6-year lows, as OPEC producer UAE defended the group's decision to leave output unchanged. Meanwhile, the U.S. energy information administration said they expect Brent crude to trade at $58 per barrel this year and $75 per barrel in 2016, and also sees flat production from OPEC through this year.