Generally, your program's algorithm will be much more important to the speed of your application than the language. You can implement a poor algorithm in any language, including C++. With that in mind, you'll generally be able to write code the runs faster in a language that helps you implement a more efficient algorithm.

Higher-level languages do very well at this by providing easier access to many efficient pre-built data structures and encouraging practices that will help you avoid inefficient code. Of course, they can at times also make it easy to write a bunch of really slow code, too, so you still have to know your platform.

Also, C++ is catching up with "new" (note the quotes) features like the STL containers, auto pointers, etc -- see the boost library, for example. And you might occasionally find that the fastest way to accomplish some task requires a technique like pointer arithmetic that's forbidden in a higher-level language -- though they typcially allow you to call out to a library written in a language that can implement it as desired.

The main thing is to know the language you're using, it's associated API, what it can do, and what it's limitations are.