Franklin Templeton's emerging markets guru Mark Mobius says the global economy will avoid a double-dip recession.
The manager also believes falling stock prices are creating buying opportunities in eastern European countries such as Hungary.
"Globally there will not be a double-dip," he told Bloomberg Television today.
"In Hungary, we have seen falls of 20% or more and in that kind of scenario there are great opportunities to buy from a longer-range point of view.
"Their numbers are not as bad as Greece."
The MSCI All-Country World Index has fallen 15% since mid-April on concerns Greece's debt crisis will spread and jeopardise economic expansion around the world.
Hungary's forint fell to the weakest level in a year on 4 June and stocks plunged after officials in Prime Minister Viktor Orban's week-old Government said the nation was at risk of a Greece-like crisis and previous officials lied about public finances.
"We are definitely looking at Hungarian stocks very carefully. Some of them have fallen quite a lot and they are looking interesting," Mobius says.
He is also considering stocks in Poland, the Czech Republic, Russia, Romania and Bulgaria.
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