Bright future ahead for emerging nations

Watching the increasing influence of the emerging economies on the global stage seems to give Carlos Magarinos as much pleasure as listening to his favorite jazz music.

"For the first time this year, emerging economies contributed over half of the world's GDP in purchasing power terms," says Magarinos, 52, former director-general of the United Nations Industrial Development Organization.

"The emerging economies will continue to provide two-thirds of global growth despite less dynamic performance in a more demanding financial context," says Magarinos, the honorary global chairman of the Global Alliance of Small and Medium Enterprises, based in Shanghai.