Both camps assume that there will be a V-shaped recovery this year, and that the national economy will grow about 2 percent.

Restructuring is much more important than a V-shaped economic recovery.

"I certainly don't feel that this is going to be a V-shaped recovery," Mr. Nardelli of Home Depot remarked.

The V-shaped recovery in London will continue due to low interest rates and the low value of pound, but prices will level out.

The letters can also be applied referring to the recoveries (ie "V-shaped recovery").

"The same factors that allowed them to have the V-shaped recovery" - one where the plunge down is followed by a sharp bounce up - "have turned fully against them."

"If you look back at the consensus of economists, they were saying we'd have a V-shaped recovery," Mr. Lackman said.

Lingering hopes for a dramatic "V-shaped" recovery, whereby the economy rockets back to its torrid late-90's pace, seem unrealistic.

"This is not going to be a V-shaped recovery," he said.

Stock markets were anticipating a V-shaped recovery.