(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
(CNN) – Currency speculation has created a travel odyssey for Venezuelans. CNN's Rafael Romo reports.
(CNN) - Brazil's biggest cosmetics maker is expanding abroad and developing an innovative sales approach, as Shasta Darlington reports.
A family-run glassware business in Austria combines tradition with innovation in its ambitions to create the perfect glass for any drinking experience – be it wine or coke. Pauline Chiou reports.
(CNN) - Ukraine's energy dependence on Russia's natural gas is a key factor in Ukrainian politics. CNN's John Defterios explains why.
Geographically, Ukraine straddles Eastern and Western Europe, but the President Viktor Yanukovych is finding it increasingly difficult to balance the country’s interests.
Yanukovych came into power touting his close relations with Moscow and he maintains when it comes to energy supplies they are essential for Ukraine and Europe as well. FULL POST
Iran's six month agreement with P5 + 1, Egypt's transition after the ouster of Mohammed Morsy and Syria's long and catastrophic civil war have nudged a plan to revitalize the Palestinian Territories right off the global agenda.
I was in the room when U.S. Secretary of State John Kerry unveiled, on the evening of May 26, what he saw as an ambitious plan to deliver hope to Palestinians by jump-starting investment. His speech closing out the World Economic Forum regional meeting at the Dead Sea in Jordan was met with a heavy dose of skepticism because it lacked specifics.
Kerry presented an economic road-map, calling for $4 billion of private investment covering eight sectors from agriculture to tourism. If you build the right framework, according to the top U.S. diplomat, investors will come. The goal is to boost the economies of the West Bank and Gaza by up to 50% in just three years.
While no one can really argue with the spirit of the economic initiative, the reality on the factory floor, whether it is light manufacturing or in telecommunications, is very different. Palestinian businessmen suggest it is time to be more holistic in the approach. One cannot divorce the peace process from business. FULL POST
(CNN) - The historic six-month agreement over Tehran's nuclear program may begin a new era of relations with Iran, but it will be a long road back for the country's most vital sector, oil.
Iran produces about two and half million barrels a day - far off its 4-million-barrel-per-day peak a decade ago. Output is hovering at a level last seen at the end of Iran's war with Iraq. With North Sea Brent crude averaging over $100 a barrel for a record three years running, the sanctions on energy alone are costing Tehran about $50 billion in lost annual revenue.
"During the six month phase, the oil sanctions that will remain in place will continue to cause over $25 billion in lost revenues to Iran or over $4 billion a month," he said.
With every year that has passed, the screws have been tightened by Washington and the countries of the European Union. It was not only sanctions against oil, but also blocking Iran's ability to secure shipping insurance and to trade in U.S. dollars and euros. That economic isolation, many Middle East strategists I have spoken with suggest, is what brought Iran's new government to the negotiating table.
Despite the deal breakthrough, U.S. Secretary of State John Kerry said most of the sanctions will stick as the world gauges the intentions of this relatively new administration in Tehran.
The message is clear: the pressure remains, but if all goes well, in a half year's time Iran can expect more in return for transparency.
It is still early days, but this country of nearly 80 million people has been described as potentially being the Germany of the Middle East with plenty of natural resources - that is, if it can emerge from years of economic isolation.
CNN's John Defterios looks at an innovative scientific research program seeking to unlock the energy potential of algae as potential replacement for fossil fuels.
Algae requires a lot of fresh water for cultivation. Dr. Hector Hernandez told CNN: "It's only been very recently that we've realized that the desert is teeming with life... as we've explored more that all these exciting things have started to show themselves."
The development of the private education business in emerging markets as education enterpreises challenge traditional schooling worldwide.
About Global Exchange
Global Exchange explores how emerging markets are impacting and influencing the global financial community, at a time when business is a vital driver of the international news agenda.
Global Exchange is presented live from Abu Dhabi by emerging markets editor, John Defterios, who will be joined by CNN correspondents from around the world.
Global Exchange also includes the “GX20,” a global hotlist of some of the world’s biggest economic thinkers. The GX20 will be drawn from the key emerging markets, from across China, Russia, India and South Africa, contributing to the show and this blog.
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