Emerging markets expert Geoffrey Dennis on Thursday said he expects a strong recovery in global markets and these could gain between 10-15 percent in 2021. Dennis also said that India should see a strong economic recovery in 2021, while also adding that the Indian market looks expensive right now.

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Discussing the outlook 2021 for global markets, Dennis told CNBC-TV18 that, “India should recover strongly in terms of economic growth in 2021. There is a little bit more room perhaps for monetary policy to be eased given the recent drop in the inflation rates. But I don’t see it being a big overweight call because it is somewhere in the middle, the market wants to see the economic recovery in India, want to be sure about the earnings recovery in India.”

Emerging markets may gain between 10 percent and 15 percent, Dennis said.

“Indian market looks very expensive at this point in time, so you need to see the earnings recovery to justify a major move higher. I would probably be neutral on India. I see emerging markets gaining between 10 percent and 15 percent this year.”

Expect a strong recovery in the global economy in 2021, he said.

“The way the markets are behaving right now, we are expecting there to be a very strong recovery in the global economy in 2021.”

In terms of the dollar, Dennis said, “The dollar is going to go lower. You have seen a good chunk of the dollar decline already over the last several months. You can see another 5-7 percent drop in the dollar over the course of this year.”

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(Edited by : Ajay Vaishnav)