Growth is set to pick up in the second half of the year, said a report released on Friday by Crédit Agricole Corporate and Investment Bank in Shanghai.

The report said it has been a wild ride over recent weeks but market volatility is set to ease.

The US economy will continue to grow while Europe will lag, the report said.

Crédit Agricole CIB also expects a gradual re-acceleration in the second half of this year in China, the report said.

Combined with ongoing rate cuts, fiscal easing, and recent currency depreciation, this will benefit the rest of Asia, the report added.