Influential global investor Mark Mobius, executive chairman of Templeton Emerging Markets Group, is bullish about prospects for emerging markets, and says that he is confident the eurozone will achieve a fiscal union.

Dubbed an "investment guru" by some, Mark Mobius says most investors are underweight on emerging market stocks, missing out on golden opportunities to buy in cheap.

"Why are we interested in emerging markets and why are we excited? Well it's very simple -: growth. We are looking at incredible growth," he said. "This year, we are expecting 5.4 per cent average growth in emerging markets, versus 0.8 per cent in the developed countries."

And while there remain concerns over the future of China's economy, with current economic conditions raising doubts that Beijing will hit it's target of 7.5 per cent GDP growth for 2012, Mobius dismissed fears of a hard landing.

"I don't see any hard or soft landing. In fact I don't think China's landing. It's continuing to fly," he said. "Whether you look at 6 per cent, 5 per cent, 7 per cent, 8 per cent -- this is all very high growth. You know, 5 per cent growth is five times more than what the US is doing."

Mobius believes the central government has plenty of policy tools to support growth and forecasts 8 per cent economic growth for China this year, above China's official target.

And despite some painting a doomsday senario spelling the end of the eurozone, Mobius believes it will emerge from the debt crisis intact.

"I think what's happening in Europe is a bargaining process," he said. "In order to get a fiscal union, it's not going to be easy. Many people will resist. But they are moving inexorably towards a fiscal union. And as they get closer to that, the economies will do quite well. It will take years, but the process, the turnaround, has already begun."

Mobius expects Europe's growth to come in at less than 1 per cent this year, but believes it will avoid falling into a recession.

channelnewsasia.com