MORAINE — As scary as it might sound in light of European deficit talks and an upcoming presidential election, this summer might be the best time for business owners to invest in their companies, said John Augustine, Fifth Third Bank chief market strategist.

The U.S. economy is expected to grow this year 2.1 percent — not robust, but progress, Augustine said Wednesday, citing International Monetary Fund figures. The national economy grew an estimated 1.7 percent in 2011, according to the IMF.

If businesses want to keep or capture more market share, they’ll want to move forward in coming months on plans to expand, open new facilities or update technology and equipment. Otherwise, waiting until after the election could mean higher interest rates and stock prices that will make these investments more expensive, he said.

Augustine was one of the speakers at a Fifth Third business advisory series meeting.

“We’re going to go through a volatile summer as the heat rises in Europe,” he said. “If these numbers come true, into the volatility this summer and likely this fall with the election, that’s when we need to put the capital to work.”

But he admits it’s a tough call.

Attendees, including local business leaders and other Fifth Third employees, said in live polling they for the most part don’t believe the U.S. economy will sink into a recession in the next 12 to 18 months. A majority also said they expect their business or organization to have a better financial performance in 2012 than 2011.

Government activity is the biggest risk, he said. For example, the economy faces a “fiscal cliff” at the end of the year from a combined $600 billion in tax cut expirations and federal government spending cuts, he said.