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WASHINGTON — For the first time in several years, the annual G-20 summit won't be dominated by the Eurozone's debt troubles. But that may be little comfort to world leaders gathering this week in St. Petersburg, Russia.

In addition to sharp differences over the conflict in Syria, which is certain to hang over the meetings Thursday and Friday, President Obama and other heads of the so-called Group of 20 major economies have a new economic threat on their hands.

After financial fires were contained in the U.S. and then Europe, things now are heating up in the emerging economies.

India, Turkey, Brazil and...

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