European Union (EU) Economic Effairs Commissioner Olli Rehn on Thursday ruled out a recession forecast for Europe's economy despite slowing growth in the second half year.
"We don't forecast a recession," Rehn told reporters after launching an EU economic forecast.
According to the revised forecast, the eurozone's economy is expected to witness a moderate 1.6-percent increase in 2011 and the growth for the EU area would be 1.7 percent.