Famed New York-based economic bear Nouriel Roubini called it a LUV recovery. The euro-zone economies, tipped by the IMF to grow a tepid 1.5 per cent this year, were in an L-shaped path out of the crisis. The US is in a U-shaped recovery, tipped to expand a sub-par 3 per cent this year. America's big corporates are in good shape, having pared back their costs and built up massive cash reserves. Yet the emerging markets — led by 9 per cent-plus China and 8 per cent India — are the V.

At the recent World Economic Forum policy-makers discussed what kind of recovery the global economy will be looking at. Some suggested the acronym LUV would be a good description: A conventional V recovery in Asia, a more sluggish U recovery in the United States and an L recovery in Europe, illustrating the shape of the growth curve going into and coming out of the recession.

Going forward, Sir Martin says we'll see a "LUV" recovery: a Little recovery in Europe, a U-shaped one in the United States, and a V-shaped one in Asia.