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OTTAWA — A double-dip recession isn't in the cards for Canada, but the outlook is for little more than sluggish growth and relies on the "brave" assumption the European Union can solve its sovereign debt crisis, the Conference Board of Canada said Thursday.

"The ongoing volatility in equity and commodity markets is a reminder of how fragile the state of the U.S. and global economy remains. While the turmoil is not expected to derail the global outlook altogether, growth has slowed markedly over the last few quarters," said board director Pedro Antunes.

The board is still calling, however, for 2.1 per cent growth in 2011 and 2.4 per cent growth in 2012, relatively unchanged from its outlook in the summer edition of the report.

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