6
Jan

The Mint countries: Next economic giants?

Written on January 6, 2014 by Waya Quiviger in International Development, News, Regions

In 2001 the world began talking about the Bric countries – Brazil, Russia, India and China – as potential powerhouses of the world economy. The term was coined by economist Jim O’Neill, who has now identified the “Mint” countries – Mexico, Indonesia, Nigeria and Turkey – as emerging economic giants. Here he explains why.

 

So what is it about the so-called Mint countries that makes them so special? Why these four countries?

 

A friend who has followed the Bric story noted sardonically that they are probably “fresher” than the Brics. What they really share beyond having a lot of people, is that at least for the next 20 years, they have really good “inner” demographics – they are all going to see a rise in the number of people eligible to work relative to those not working. This is the envy of many developed countries but also two of the Bric countries, China and Russia. So, if Mexico, Indonesia, Nigeria and Turkey get their act together, some of them could match Chinese-style double-digit rates between 2003 and 2008.

 

GDP in 2012 and 2050

 

Something else three of them share, which Mexican Foreign Minister Jose Antonio Meade Kuribrena pointed out to me, is that they all have geographical positions that should be an advantage as patterns of world trade change.  For example, Mexico is next door to the US, but also Latin America. Indonesia is in the heart of South-east Asia but also has deep connections with China. And as we all know, Turkey is in both the West and East. Nigeria is not really similar in this regard for now, partly because of Africa’s lack of development, but it could be in the future if African countries stop fighting and trade with each other.  Read more…

Published on January 6th, 2014 in the BBC Magazine, http://www.bbc.co.uk/news/magazine

 

 

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