The firm split its expectations for the pace of the global recovery into three sections: Western Europe, the US and the Bric nations (Brazil, Russia, India and China).
It predicted the recovery in Western Europe would be formed by a sharp drop and a slow recovery, forming an L-shape. The US would see a sharp drop, gradually bottoming out before gradually gathering pace again, making a U-shaped recovery. The Bric nations would see a rapid decline followed by a rapid recovery, hence the V-shape.
However, with the US recovering much more quickly than expected the shape has changed to LVV, or LuVVy.
The agency is hoping to capitalise on the rapid recovery in the Bric nations with rapid expansion into China and Brazil. It says the Brics and the “next-11” nations (Bangladesh, Egypt, Indonesia, Iran, South Korea, Mexico, Nigeria, Pakistan, the Philippines, Turkey and Vietnam) are streets ahead of the US and Europe.