The recession is over in Europe and the recovery will be V-shaped, according to Argonaut Capital's Barry Norris.
Norris, co-founder of Ignis joint-venture boutique, forecasts most major European economies will return to growth in the second half of 2009.
His comments come a day after one leading forecaster, Roger Bootle at Deloitte, said the path to growth would be long and protracted.
Bootle said the shape of the upturn would be U shaped, with anemic growth in the UK next year, and growth in the eurozone not expected until 2011.
But Norris says evidence European economies are poised for a sharp recovery is reflected in recent surveys of the manufacturing and service sectors in European economies, an indication of economic activity.
He highlights the Markit Eurozone Purchasing Managers' Index (PMI) rose to 46.8 in June from 44.6 in May, closing in on the 50 level, which indicates expansion.
Meanwhile, the latest PMI surveys from the Chartered Institute of Purchasing and Supply in the UK showed manufacturing activity shrank at its slowest pace for a year in June, while the service sector grew for the second month in a row.
"The neglected story is that real demand for most goods has suffered only a routine fall-off," Norris says.
"This has meant that inventories in many industries have been drawn down to an unprecedented degree.
"With very low inventory levels any normalisation in demand levels, caused by pent-up demand and easier credit, is likely to be an equally powerful positive stimulus to production.
"This is how the recovery could be V-shaped after all."
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