The U.S. stock market is unlikely to fall very much from the current levels and opportunities have arisen, but emerging markets are still going to grow faster, Mark Mobius, lead portfolio manager at Templeton and an emerging markets specialist, told CNBC.
- Video: See the full Mobius interview here
"There will certainly be a lot of retrenchment in the real economy, but the stock market tends to look ahead," Mobius told "Squawk Box."
"You will probably see a few more declines but we're beginning to see the bottom of this and so the opportunities are quite interesting, quite attractive," he added.
However, emerging markets have a growth rate four-to-five times bigger than that of developed ones, and they have been dragged down by what happened in the U.S. and Europe, Mobius explained, adding: "frontier markets are very cheap, emerging markets are very cheap."
The situation has reversed compared to the economic crisis of 10 years ago, when Asian countries were the debtors and Western economies had the cash, he said.
"I think the markets will rejuvenate much faster than many people realize," Mobius said.