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Speaking to the Institute of Directors, Spencer Dale observed that the effects of the downturn have been limited by some government actions and that "we are likely to be moving into a period of renewed expansion".
The depreciation of sterling has also assisted the recovery, he observed, remarking that the economy "seems to have turned".
However, he cautioned against over-optimism, adding that the fact that the financial system is beginning to emerge from recession "should not obscure the fact that structural adjustments need to occur".
His comments, which may interest those involved in stock market trading, come after Capital Economics warned that a so-called double dip recession is still a possibility.
Economist at the firm Vicky Redwood suggested that some months of expansion could be followed by another period of decline.
Posted by Chris Weaver
