The term is primarily used in the economic and financial spheres as well as in academia. Its usage has grown specially in the investment sector, where it is used to refer to the bonds issued by these governments.
In a new column for Bloomberg View, O'Neill presents a new potential investment destination: the "MINT" economies (emphasis added):
I spent last week in Indonesia, working on a series for BBC Radio about four of the world’s most populous non-BRIC emerging economies. The BRIC countries -- Brazil, Russia, India and China -- are already closely watched. The group I’m studying for this project -- let’s call them the MINT economies -- deserve no less attention. Mexico, Indonesia, Nigeria and Turkey all have very favorable demographics for at least the next 20 years, and their economic prospects are interesting.
Policy makers and thinkers in the MINT countries have often asked me why I left them out of that first classification. Indonesians made the point with particular force. Over the years I’ve become accustomed to being told that the BRIC countries should have been the BRIICs all along, or maybe even the BIICs. Wasn’t Indonesia’s economic potential more compelling than Russia’s? Despite the size of its relatively young population (a tremendous asset), I thought it unlikely that Indonesia would do enough on the economic-policy front to quickly realize that potential.
"Now, meeting a diverse group of Indonesians — from the leading candidates for the 2014 presidential elections to shoppers in Jakarta’s busy malls — I found a healthy preoccupation with the country’s economic prospects," writes O'Neill. "Could Indonesia do what’s needed to lift the country’s growth rate to 7 percent or more, they were asking, or would it have to settle for 'just' 5 percent?"
MINT effectively streamlined O'Neill's previous thesis, the Next Eleven. O'Neill expresses his view that the BRICs are no longer a reliable acronym.
|Population growth rate||120th||110th||180th||112th|
|Motor vehicle production||8th||18th||5th||17th|
|Human development index||57th||124th||12th||92nd|
|GDP (nominal) per capita||62nd||110th||34th||61st|
|GDP (PPP) per capita||63rd||122nd||25th||64th|
|Foreign exchange reserves||16th||21st||8th||23rd|
|GDP per capita (PPP)
|GDP per capita (nominal)
|Mexico||118,337,000||$1.845 trillion||$1.327 trillion||$15,607||$11,224||$370,900,000,000||$370,800,000,000||$741,700,000,000||0.775|
|Indonesia||237,641,000||$1.285 trillion||$867.468 billion||$5,181||$3,498||$187,000,000,000||$178,500,000,000||$365,500,000,000||0.629|
|Nigeria||174,507,539||$478.526 billion||$292.028 billion||$2,827||$1,725||$552,600,000,000||$514,200,000,000||$1,066,800,000,000||0.471|
|Turkey||73,723,000||$1.358 trillion||$789.257 billion||$15,263||$10,744||$163,400,000,000||$228,900,000,000||$392,300,000,000||0.722|
Due to Mexico's rapidly advancing infrastructure, increasing middle class and rapidly declining poverty rates it is expected to have a higher GDP per capita than all but three European countries by 2050, this new found local wealth also contributes to the nation's economy by creating a large domestic consumer market which in turn creates more jobs
|GDP in USD||$9.340 trillion|
|GDP per capita||$63,149|
|GDP growth (2015–2050)||4.0%|
|Total population||142 million|
With its large population, Indonesia will be ranked seventh in gross domestic product (GDP) by 2050 based on a prediction by Jim O'Neill about BRIC and other prominent countries. Indonesia has a mixed economy in which both the private sector and government play significant roles. The country is the largest economy in Southeast Asia and a member of the G-20 major economies. Indonesia's estimated gross domestic product (nominal), as of 2012 was US$928.274 billion with estimated nominal per capita GDP was US$3,797, and per capita GDP PPP was US$4,943 (international dollars). June 2011: At World Economic Forum on East Asia, Indonesian president said Indonesia will be in the top ten countries with the strongest economy within the next decade.
Indonesia is the world's fourth most populous country after China, India, and the USA and the world's third most populous democratic country after India and the USA. In 2009, BRIC and Indonesia represented about 42 and 3 percent of the world's population respectively and about 15 percent of global GDP altogether. All of them are G20 countries. By 2015, Internet users in BRIC and Indonesia will double to 1.2 billion.34 At 2009, Indonesia was the only member of the G20 to lower its public debt-to-GDP ratio: a positive economic management indicator.5
Nigeria is a middle income, mixed economy and emerging market, with expanding financial, service, communications, and entertainment sectors. It is ranked 30th (40th in 2005, 52nd in 2000), in the world in terms of GDP (PPP) as of 2012, and 3rd largest within Africa (behind South Africa and Egypt), on track to becoming one of the 20 largest economies in the world by 2020. Its re-emergent, though currently underperforming, manufacturing sector is the third-largest on the continent, and produces a large proportion of goods and services for the West African region.
Turkey's economy grew 10.3% last year, faster than China, and was the third fastest growing economy in the world. Economic growth came mainly from construction, rather than exports like China and Russia. Construction alone makes up 6% of the Turkish economy, but if one counts the various industries related to construction (Steel, Timber, energy used and purchased) construction and the related industries made up some 30% of the economy. Turkey also has a very large domestic consumption base, and some 3 major auto companies. In 2011 Turkey had the world's 15th largest GDP-PPP6 and 18th largest Nominal GDP.7 The country is a founding member of the OECD (1961) and the G-20 major economies (1999). Since December 31, 1995, it has been part of the EU Customs Union. Mean wages were $8.71 per man-hour in 2009. Turkey grew at an average rate of 7.5 percent between 2002 and 2006, faster than any other OECD country.
According to a survey by Forbes magazine, Istanbul, Turkey's financial capital, had a total of 28 billionaires as of March 2010 (down from 34 in 20088), ranking 4th in the world behind New York City (60 billionaires), Moscow (50 billionaires), and London (32 billionaires).9 In 2012, Istanbul ranked 5th in the world with 30 billionaires, behind Moscow (78 billionaires), New York City (57 billionaires), London (39 billionaires), and Hong Kong (38 billionaires).1011 Turkey's major cities and its Aegean coastline attract millions of visitors every year.
It has been proposed that South Korea be added, making it the "MINTS". Although originally included in the MIKT, it has been replaced by Nigeria. South Korea is by far the most highly developed country when compared to the BRIC and Next Eleven, yet it has been achieving growth rates of 4-6%, a figure more than double that of other advanced economies. More importantly, it has a significantly higher growth environment score (Goldman Sachs' way of measuring the long-term sustainability of growth) than all of the BRIC or N-11s. Commentators such as William Pesek Jr. from Bloomberg argue that Korea is "Another 'BRIC' in Global Wall", suggesting that it stands out from the Next Eleven economies. By GDP (PPP), South Korea already overtook a G7 and G8 economy, Canada, in 2009. It then surpassed Spain in 2010 and at current speed, will equal Italy before 2016 to become the world's 11th largest economy and 6th largest among developed countries. Economists from other investment firms argue that South Korea will have a GDP per capita of over $96,000 by 2050, surpassing the United States and by far the wealthiest among the G7, BRICS and N-11 economies, suggesting that wealth is more important than size for bond investors, stating that South Korea's credit rating will be rated AAA sooner than 2050.16
In September 2009, Goldman Sachs published its 188th global economics paper named "A United Korea?" which highlighted in detail the potential economic power of a United Korea, which would surpass Japan, the United Kingdom, Germany and France within 30–40 years of Korean reunification. It is estimated that its GDP would surpass $6 trillion by 2050. The young, skilled labor and large amount of natural resources from the North combined with advanced technology, infrastructure and large amount of capital in the South, as well as Korea's strategic location connecting three economic powers, is likely going to create an economy among the largest of the G7.
- Emerging power
- Emerging and Growth-Leading Economies
- Four Asian Tigers
- Next Eleven
- Tiger Cub Economies
- "The Economist Who Invented The BRICs Just Invented A Whole New Group Of Countries: The MINTs".
- Global Economics Paper No: 153 The N-11m: More Than an Acronym, March 28, 2007.
- Internet users in BRIC countries set to double by 2015
- Thu, 2 Sep 2010. "South Asia Hello". Archive.wn.com. Retrieved 2010-10-15.
- "Indonesia’s economy continues to surprise". East Asia Forum. 2010-09-25. Retrieved 2010-10-15.
- The World Bank: World Development Indicators Database. Gross Domestic Product 2011, PPP. Last revised on 18 September 2012.
- The World Bank: World Development Indicators Database. Gross Domestic Product 2011. Last revised on 18 September 2012.
- Forbes: The World's Top 10 Billionaire Cities in 2008
- Forbes Billionaires List, Cost Of Living in Forbes Magazine article "Billionaires List, Cost Of Living". March 29, 2010.
- Forbes: Moscow beats New York, London in the list of Billionaire Cities
- Forbes: Top 10 billionaire cities in 2012: Istanbul
- Developed Countries, World Factbook, CIA.
- Mauro F. Guillén (2003). "Multinationals, Ideology, and Organized Labor". The Limits of Convergence. Princeton University Press. pp. 126 (Table 5.1). ISBN 0-691-11633-4.
- David Waugh (3rd edition 2000). "Manufacturing industries (chapter 19), World development (chapter 22)". Geography, An Integrated Approach. Nelson Thornes Ltd. pp. 563, 576–579, 633, and 640. ISBN 0-17-444706-X.
- N. Gregory Mankiw (4th Edition 2007). Principles of Economics. ISBN 0-324-22472-9.
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