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Beyond BRIC: The next economic giants

A branch of Garanti bank in Turkey, a bank that is using OPIC financing to increase lending to small businesses and female entrepreneurs.
A branch of Garanti bank in Turkey, a bank that is using OPIC financing to increase lending to small businesses and female entrepreneurs.

 

It’s been 13 years since economist Jim O’Neill coined the term BRIC to refer to the four developing countries (Brazil, Russia, India and China) enjoying strong economic growth and promise rivaling or surpassing that seen in the developed world. Since then, many countries beyond the BRIC four have also started enjoying accelerated growth and economic promise in the developing world is increasingly seen as the norm rather than the exception.

O’Neill recently proposed a new term, MINT to encompass four other emerging economic giants (Mexico, Indonesia, Nigeria and Turkey). O’Neill has a series of reports on these economies on BBC Radio, where he discusses the demographics and other trends that he sees supporting favorable economic trends for at least the next 20 years.

“The MINT countries are determined to show themselves as part of the future, not the past,” O’Neill explains in one of these reports. “It’s probably going to be a roller coaster ride, but in my view there’s every chance these four countries could reach the heady heights of sustained growth and become top 10 economies.”

This BBC report also shows how the list of leading world economies is likely to shift over the next 50 years. “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,” it states.


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