The slow economic growth environment could turn into recession if Washington can't break the political gridlock and step up with meaningful fiscal reform, Allianz Chief Economic Adviser Mohamed El-Erian told CNBC on Wednesday.

DIVERSIFICATION

Iraq is currently a rentier state. By predominantly relying on petroleum exports, the country has tied its economic livelihood to petroleum. Other states in the region that have continued this status quo have failed to prosper in the continuously changing global economy. An example of a regional neighbor that diversified and found success is the UAE, specifically Dubai.

Part I
As Iraq moves through its next developmental phase following a couple of democratic elections, its economy stands at a pivotal point in time. Its path is clear; it must move towards progress and development. In this endeavor,

U.S. equities traded higher on Monday as investors cheered an election in Japan and tried to extend a jobs-report rally.

The U.S. oil industry will need to hire tens of thousands of workers in the next two and a half years as oil prices recover and drillers stand up rigs, Goldman Sachs projected in a note this week.

U.S. banks mostly fared well in the annual regulatory exams, which will benefit shareholders next.

Even as markets quake, the market's fear index is sighing in relief.

When a 4,000-square-foot space opened up at Town Center Corte Madera, an open-air shopping center near San Francisco, Colliers International had a choice. The brokerage firm could seek out another large tenant to fill the space, or divide it into two less-expensive locations that would be friendlier to small businesses.

Corte Madera Town Center

Just 24 hours after deciding to quit the European Union, the U.K. is already starting to absorb the financial ramifications of its shock decision.

The next time you hear people say they'll flee U.S. soil if so-and-so wins the presidential election, ask if they're familiar with the financial life of an expat.