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EC says "double-dip unlikely"

Monday 13 September 2010 - by Nicola York

 The European Commission says a double-dip recession “seems unlikely” although global recovery is set to go through a soft patch in the second half of the year.

In its interim forecast, the EC says the economic recovery in the EU has gained ground recently with GDP growth in the second quarter of 2010 particularly strong and more balanced towards domestic demand than previously anticipated.

Real GDP growth is now projected at 1.8 per cent in the EU and 1.7 per cent in the euro area for 2010 as a whole.

The EC says: “With support from inventory building and stimulus measures waning, the global recovery is set to go through a soft patch in the second half of the year, though a 'double-dip' seems unlikely.

“Despite this softening, global GDP (excl. EU) is projected to grow by some 5 per cent in 2010, a quarter percentage point higher than in the spring forecast.

“This follows from the fact that economic activity was stronger than anticipated in the first part of the year. As in the spring, the outlook is for an uneven recovery, with robust growth in emerging economies but a still fragile situation in several advanced economies.”



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