2. Brazil

Brazil is insistently easing monetary policy to encourage its economic growth, says Zandi, of Moody's Analytics. It's also taking initiatives to reduce the value of its currency, which promotes exports.

Meanwhile, Brazil has huge supplies of commodities including oil, gold, iron, uranium, sugar, coffee, beef and chicken. Selling more of these commodities abroad brings in funds that prompt growth, says portfolio manager Christopher Arbuthnot, of the John Hancock Global Opportunities Fund, which owns several plays on growth in Brazil.

According to Morningstar OGX Petroleo, a large oil-and-gas company controlled by Eike Batista, who is also the richest man in Brazil, is good enough company to invest in. "This is going to become a major oil company, and the stock is very cheap," adds Arbuthnot. Some other stocks are of MPX Energia and Brazil Hospitality Group.