The dynamics of the global economy is constantly changing as a new set of fast-growing emerging markets challenge the position of the established, advanced economies. Here we take a look at some of these key emerging markets: the BRICs, CIVETS and MINTs…
We’ve all heard of the BRICs, right? The original economic acronym on the block, the term was coined by former Goldman Sachs economist Jim O’Neill in 2001 and used when talking about Brazil, Russia, India and China (South Africa was later added into this group). These emerging markets were grouped together to represent the best potential for growth at the time.
A decade later, HSBC’s former chief executive officer, Michael Geoghegan, drew our focus to a new collection of markets to profit from a shift in global power. Geoghegan said Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa – otherwise known as the CIVETS – had something unique to offer: “each [nation] has a large, young, growing population. Each has a diverse and dynamic economy. And each, in relative terms, is politically stable.”
After forecasting the BRICs as drivers of the world economy, O’Neill recently released a new group of markets to show interest in: the MINTs. Championing Mexico, Indonesia, Nigeria and Turkey as the second [or even third] generation of emerging market pacesetters, O’Neill selects these countries due to their common features, including growing populations, a youthful workforce and strategic locations near larger markets: Indonesia is at the heart of southeast Asia, Turkey has a combination of eastern and western influences, Nigeria is leading Africa’s rising and Mexico has close proximity to the USA.
As these markets prove their worth and power shifts from the world economy’s G7 base, how do you know which one is right for your business? Assess the scale of opportunity in each market and consider the following key questions:
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