Markets in the U.S. and some emerging economies are the best investment opportunities, according to Pacific Investment Management Co.’s Mohamed El-Erian.

The U.S. as the preferred option “speaks to lots of investment opportunities that are better than what you see elsewhere in the advanced world,” El-Erian, the chief executive officer of the world’s largest manager of bond funds, said during an interview on Bloomberg Television’s “In the Loop” with Betty Liu.

“Let’s not forget that the emerging world offers opportunities in the local rates and external credit and some equity markets.”

The U.S. economy is forecast to expand 2.2 percent this year and 2.4 percent in 2013, according to the median estimate of economists surveyed by Bloomberg. Treasurys have returned 1.7 percent and U.S. company debt has gained 5.3 percent this year as of June 30, according to Bank of America Merrill Lynch indexes. The Standard & Poor’s 500 Index has appreciated 9.1 percent.

The U.S. is on course for tax cuts enacted under President George W. Bush to expire at the end of this year and for more than $1 trillion of automatic spending reductions to take effect in January. Investors are exposed to risks from the so-called fiscal cliff, which could cut economic growth by about 4 percent, El-Erian said.

“We would like our politicians to get their act together quicker,” he said. “You’re not going to see much done and we’re probably going to have to wait until the lame-duck session to see decisions out of Washington.”