BRICS is an acronym denoting Brazil, Russia, India, China and South Africa. Four more countries Egypt, Ethiopia, Iran & UAE joined it beginning 2014. Thirty-four more countries have expressed their interest in joining this group. But there is another bloc forming in the horizon.
Originally coined in 2001 as "BRIC" by Goldman Sachs economist Jim O'Neill to mean four countries Brazil, India, China & Russia this grouping was enlarged to include South Africa and one more alphabet added to make it “BRICS”. Ten years later, Jim O’Neill followed up with another acronym. This time it was MINT referring to Mexico, Indonesia, Nigeria & Turkey. These countries are often grouped together due to their large population, rapidly growing economy, and accelerating global importance. Here is meat on them.
Mexico
With a population of 128 million and having abundance of natural resources Mexico is ranked second largest economy in Latin America and fifteenth largest globally with an output of US$ 1466 billion in GDP. A diversified country in mining, agriculture, fishing, tourism she is the largest recipient of US$ remittance from America. Oil & minerals are key geoeconomics power sectors.
Indonesia
As the fourth populous country in the world boasting almost 280 million people Indonesian GDP of US$ 1.47 Trillion gives her 16th position in global economy. Not only the country is rich in natural resources such as timber, agricultural products, petroleum, natural gas, and other minerals but export a wide range of products & commodities chief amongst these are crude petroleum and natural gas. She is a major source of rubber, coffee, cocoa, and palm oil. By the way Indonesia has the third largest rainforest and has the biggest source of cheap labour.
Nigeria
Almost 230 million people living within the country, Nigeria has an economy largely choreographed in the trading sector where buying & selling within shores and importing & exporting beyond shores as twin actors. Nigeria is the largest exporter of petroleum in the whole of Africa. GDP hovers around US$ 253 billion broadcasting an annual growth rate pf 3%. She also boasts of huge agricultural output and largest animal husbandry in the African continent. Globally its reputation hinges on her military prowess and also as the head of ECOWAS, an economic grouping of 15 countries in Western Africa.
Turkey
A middle ranked power in terms of military and economy, Turkey has a perennial problem of deficit forex. Her imports exceed exports to the tune of more than US$ 10 Billion and still growing. Population of 84 million compared with GDP of US$ 754 Billion resulting in per capita GDP of US$ 9040 is somewhat of a reasonable achievement during difficult times. Although 19th in terms of global economy it straddles between East & West physically and figuratively. Undoubtedly, a great military power, a position inherited from the Ottomans.
As per geoeconomics BRICS might find MINT as competitor or collaborator or in the worst case a spoiler!
Cheers!
Muthu Ashraff Rajulu
Business Strategist
Mobile: + 94 777 265677
E-mail: cosmicgems@gmail.com
Blog: Business Strategist
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