EU exec says global recovery to slow in H2

Global economic growth is likely to slow down in the second half of this year, but a double-dip into a new recession is unlikely, the European Commission forecast on Monday.

"Despite the expected soft patch, global gross domestic product, excluding the European Union, is projected to grow by some 5 percent in 2010, up by 0.25 percentage point compared to the spring forecast (in May)," it said.

The Commission, the European Union's executive arm, said the global recovery was still expected to be uneven and was surrounded by major uncertainties.

Growth in emerging economies remained robust, supported by the rebound in global trade, commodity price developments and solid domestic demand, but the recovery was still fragile in several advanced economies.