BlackRock, 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. - Reuters