In 2001, economist Jim O’Neill identified the world’s strongest emerging economies as the BRIC countries, which is an acronym that stands for Brazil, Russia, India, and China. Thirteen years later, O’Neill has offered another acronym defining today’s emerging economic powerhouses – the MINT countries. Mexico, Indonesia, Nigeria, and Turkey all show signs of strong future GDP growth and the potential to become major players in the global economy.
O’Neill expects that all of the MINT countries will see a substantial rise in the number of people eligible to work in comparison to those not working in the next 20 years, giving each respective GDP a boost. These countries also have an economic advantage in the form of geographic location. For instance, Mexico is not only located adjacent to the United States, but is also in close geographic proximity to other Latin American countries experiencing economic growth. Similarly, Indonesia has strong ties with China and is located in Southeast Asia, which has become a hub for economic development in recent years. Turkey has ties with both the East and West and Nigeria is one of many African nations making significant economic improvements.
An area of improvement for the MINT countries over the last decade or so has been the growth in average income per capita. To name a couple of examples, Nigeria’s average income per capita rose from $200 in 2000 to $1,400 in 2012 and Turkey’s rose from $4,100 in 2000 to $10,600 in 2012. As these countries continue to develop economically, it is anticipated that these numbers will only continue to rise.
In spite of a multitude of positive economic indicators, these emerging nations will have to endure growing pains and overcome weaknesses. Issues like corruption, bureaucracy, and weak infrastructure must be addressed if a country wishes to reach new economic heights.