MIKT (also known as MIST) is a neologism referring to the economies of Mexico, Indonesia, South Korea, and Turkey. MIKT was coined by Jim O'Neill of Goldman Sachs, who is also the creator of the term BRIC.1 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. These 4 countries are also on the Next Eleven countries list. Australia is sometimes included in this grouping, as "MIKTA".23
|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 billion||$1,327 billion||$15,607||$11,224||$370.9 billion||$370.8 billion||$741.7 billion||0.775|
|Indonesia||237,641,000||$1,285 billion||$867.5 billion||$5,181||$3,498||$187.0 billion||$178.5 billion||$365.5 billion||0.629|
|South Korea||50,004,441||$1,666 billion||$1,198 billion||$33,155||$23,837||$552.6 billion||$514.2 billion||$1,066.8 billion||0.909|
|Turkey||73,723,000||$1,167 billion||$821.8 billion||$15,263||$10,744||$163.4 billion||$228.9 billion||$392.3 billion||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 United States 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.56 At 2009, Indonesia was the only member of the G20 to lower its public debt-to-GDP ratio: a positive economic management indicator.7
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 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, BRIC 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 2050.8
In September 2009, Goldman Sachs published a global economics paper titled "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 after a successful Korean reunification. It is estimated that the GDP of a United Korea 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 between Japan and China, would be able to create an economy among the largest of the G7.
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-PPP9 and 18th largest Nominal GDP.10 By 2050 this nominal GDP is set to grow to $4.45 trillion USD to become the 14th largest nominal GDP in the world.11 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 200812), ranking 4th in the world behind New York City (60 billionaires), Moscow (50 billionaires), and London (32 billionaires).13 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).1415 Turkey's major cities and its Aegean coastline attract millions of visitors every year.
Nigeria is a part of a new coinage, the MINT countries. Very similar to MIKT, it is also marketed by O'Neill as being a second tier to the BRICs. The MINTS are also Next Eleven countries. 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. It is also part of the Next Eleven like the other four.
- CIVETS countries
- E7 countries
- Emerging power
- Emerging and growth-leading economies
- Four Asian Tigers
- G-20 major economies
- Next Eleven
- Tiger Cub Economies
- "MIKT: Another BRIC in the Making?".
- Kornegay, Francis A., Jr. (17 October 2013). "Move over BRICS and IBSA - MIKTA’s here!". SAFPI. Republic of South Africa: South African Foreign Policy Initiative. Retrieved 15 April 2014.
- Sukma, Rizal (24 October 2013). "MIKTA: What does it want?". The Jakarta Post. Jakarta, Indonesia: Niskala Media Tenggara. Retrieved 15 April 2014.
- 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.
- PDF stratton street capital
- 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.
- BBC News Magazine: The MINT countries: Next Economic Giants? Last revised on 6th January 2013
- 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, CIA World Factbook.
- 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 (2000). "Manufacturing industries (chapter 19), World development (chapter 22)". Geography, An Integrated Approach (3rd ed.). Nelson Thornes Ltd. pp. 563, 576–579, 633, and 640. ISBN 0-17-444706-X.
- N. Gregory Mankiw (2007). Principles of Economics (4th ed.). ISBN 0-324-22472-9.