The global economy is set to log steady growth during the rest of this year, Capital Economics senior global economist Andrew Kenningham said in a note Monday.

The economist observed that the divergence between moderate growth in the United States and recession in the Eurozone is likely to widen in the coming months, as it is unlikely that the euro-zone's sovereign debt and competitiveness problems will be resolved by liquidity injections from the European Central Bank.

Capital Economics expects the global economy, which is estimated to have grew 2.7 percent in the first quarter, is likely to expand by around 3 percent on an annualized basis throughout this year. The moderate growth rate could help soften inflationary pressures and contribute to a fall in commodity prices over the rest of this year, the firm noted.

The US economy is expected to continue to grow at an annualized rate of around 2 percent, which is sufficient enough to keep the Fed from implementing additional quantitative easing. At the same time, the relatively weak payroll figures signal that the Fed is unlikely to engage in policy tightening any time soon. US growth had slowed to 2.2 percent in the first quarter from 3 percent in the fourth quarter.

According to Capital Economics, the Chinese economy is set to pick up a bit during the rest of 2012, after slowing in the first quarter, as easier monetary policy takes effect.

Data compiled by Markit Economics showed that the global purchasing managers' index dropped to 51.5 in April from 52.8 in March, which is consistent on past form with global growth of a little below 3 percent.

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