January 15th, 2014
03:02 PM GMT
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(CNN) - During their heyday at the start of this century, emerging markets were often referred to as the "engines of global growth."  I can almost hear them revving back up again, but let's not refer to what we are witnessing as a high speed recovery.

It's more like a recovery at a reasonable speed limit.

The latest World Bank global outlook suggests they will climb back above 5% - hitting 5.3% -  which is up 0.5% over last year, but more than 2% below their pre-financial crisis run rate of 7.5%.

Once one digs through the numbers you will find that not all emerging markets are created equal.  This rings true in the BRICS economies themselves.  China, under the relatively new leadership of President Xi and Premier Li, will hum along at a projected 7.7% in 2014.  India is recovering from a near decade long low to hit nearly 6%.  In fact, we should give a collective cheer to Asia, with regional growth pegged at 7.2%. FULL POST

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