Emerging markets used to be a somewhat obscure niche of the international investing world. Not anymore. These rapidly developing countries are playing an increasingly important role in the global economic system. In fact, more than half of global economic growth is now driven by emerging markets. For investors, these countries have also offered some of the most spectacular returns in recent years. We'll take a closer look at the so-called BRIC countries - Brazil, Russia, India and China, and beyond.

Brazil

Brazilian stocks rose more than 70% in 2007, making the Latin American country one of the world's top-performing markets. Once an economic basket case, Brazil has whipped the inflation beast and its economy is expected to grow by more than 4% annually over the next five years. Investors interested in Brazil have a wide range of options, ranging from exchange-traded funds to several large companies like oil producer Petrobras, which has a New York Stock Exchange-listed ADR.

China

With a population of 1.3 billion, China is the world's most populous nation and its economy isn't far behind. China's economy grew at a blistering 11.9% clip in 2007, putting it on track to surpass Japan as the world's second-largest economy within the next decade. The iShares FTSE/Xinhua China 25, an exchange-traded fund that invests in Chinese stocks, surged nearly 60% last year. Investors can participate in China through mutual funds, ETFs, and Chinese companies with listings on Nasdaq and the New York Stock Exchange.

India

While India's economic growth rate has lagged China's, it was still very robust at 8.7% last year. Investors in India have been handsomely rewarded: its stock market rose almost 50% in 2007. India's large English-speaking population and technology-savvy outsourcing firms like Infosys Technologies, have helped make this country of 1 billion an emerging market economy to watch.

Russia

Russia's transformation from communism to a Wild West-like embrace of capitalism has had a staggering impact on its economy. The global boom in commodities has also helped Russia's stock market become one of the world's top performers. To be sure, investing in Russia still carries an enormous amount of risk. While there are some Russian ADRs available, most investors are better off sticking with a mutual fund that invests in Russia, such as the Third Millennium Russia Fund.