BlackRock Inc, the world's largest asset manager, expects a "meaningfully slower pace" of global economic growth in the second half of this year but does not predict a return to recession.
BlackRock, which manages more than $3 trillion in assets, also said emerging markets should make a significant contribution to global growth. "We do not believe that we are slipping back to recession, but we do expect the global economy to grow at a meaningfully slower pace in the second half of 2010," Stephen Hull, a director and investment strategist at BlackRock, said in a statement on Tuesday.
"There is a global search for yields, and GCC (Gulf Cooperation Council) as a region is attractive," Nick Anderson, managing director for the Middle East and Africa told reporters in Dubai.
"Emerging markets remain a very good balancing item of where growth is coming from," Anderson added.
The company said in a statement that the dramatic rebound in activity that began in early 2009 had not been sustained in the latter part of 2010.
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