EU sees 'slow recovery' in second half of 2012 *PIC*

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EU sees 'slow recovery' in second half of 2012 (by William L. Watts)

FRANKFURT (MarketWatch) -- The European Commission on Friday said the European Union economy is in a "mild recession," with a recovery "forecast to set in slowly from the second half of the year on." In its spring forecast, the commission said it expects gross domestic product to contract by 0.3% in the euro area in 2012, rebounding to grow 1% in 2013. Unemployment is expected to remain high at 11% in the euro zone over the forecast period. "A recovery is in sight, but the economic situation remains fragile, with still large disparities across member states," said Olli Rehn, commissioner for economic and monetary affairs.

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