So long as you rein in your expectations, the global economic recovery is looking... not horrible. Rising geopolitical risks - in Gaza, Syria, Ukraine and elsewhere - haven't sparked fears of a decline in sovereign credit-worthiness, according to the latest installment of our exclusive Country Credit ranking (right). Despite slowdowns in real gross domestic product growth across Latin America, particularly Brazil, the region's most highly regarded sell-side analysts find cause for optimism (pages 115and 119). Output is also slowing in Asia, but its asset management firms continue to attract investors (page 121)-as do their counterparts in Russia. Eight of that country's ten largest money managers report gains in assets under management, albeit small ones, for the year through June.
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