FRANKFURT: Europe won't fully recover from the worst recession since World War II until 2013 even if the continent returns to a "moderate" pace of economic growth, according to Morgan Stanley.

The chart accompanying this story shows that Europe's quarterly euro-region gross domestic product is now 4.9 percent below the 1.96 trillion euros ($2.76 trillion) it was before the recession hit.

Quarterly growth rates show what might be the beginning of a so-called V-shaped recovery.