By Jeff Cox, Senior Writer, CNBC.com
NEW YORK ( CNBC) -- Once hailed as a beacon for investors, emerging markets have lost their status as welcoming islands in the ocean of global turmoil. The good news is that many market pros still see investments in the smaller countries of South America, Asia and elsewhere as reliable long-term plays. But as recession fears take hold in the largest global regions and once-booming economies in China, India and Brazil start to cool off, developing countries remain at the mercy of the global turmoil.
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