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In emerging markets, slow growth in the advanced economies has shut down a traditional development path: export-led growth. As a result, emerging markets have had to rely once again on domestic demand. This is always a difficult task, given the temptation to over-stimulate.

I'm still very bullish on emerging markets. There's an emerging middle class. They're a growing group of customers. And frankly, they want Walmart. They want everyday low price. And that's why we are continuing to grow in the emerging markets around the world, too.

The typical big Japanese company has somewhere between a third and 40 percent of its revenues coming from developing countries, and about a third of Japan's exports are also to the emerging countries, so in a strange way, Japan, which has very little internal growth, its big companies are a good way to play the emerging markets.

Markets are very important but for the government the citizens are more so.

I've long loved emerging markets airlines because they usually sell at bargain prices. The troubled history of developed market airlines unfairly taints these stocks. In the emerging world, they're growth stocks.

A pickup in demand in many advanced economies and a stabilization in commodity prices should, in turn, boost the growth prospects of emerging market economies.

My view is that the U.S. market will eventually join the emerging markets on the downside because if you take a bearish view about emerging economies, you cannot be too optimistic about the U.S. because for many U.S. corporations, 50 percent or more of their profits come from emerging economies.

Looking beyond the emerging markets, it is important not to lose sight of the growth opportunities that exist in the developed regions.

Diversification and globalization are the keys to the future.

It's important to focus on how we can strengthen international trade.