The flags of the MINT nations, Mexico, Indonesia,
Nigeria and Turkey
In 2001 the world began talking about the Bric
countries - Brazil, Russia, India and China -
as potential powerhouses of the world
economy. The term was coined by economist
Jim O'Neill, who has now identified the "Mint"
countries - Mexico, Indonesia, Nigeria and
Turkey - as emerging economic giants. Here
he explains why.
So what is it about the so-called Mint
countries that makes them so special? Why
these four countries?
Born Terence James O'Neill
17 March 1957
Manchester, United Kingdom
Alma mater Sheffield University
University of Surrey
Employer Goldman Sachs
Known for BRIC economic theory
The MINT term was coined as Mr
O’Neil put together a series of
programmes for BBC Radio 4 that
investigate, Where next for the world
BBC News - The Mint countries:
Next economic giants?
The 2014 Millionaire Race: Goodbye
BRICs, Hello MINTs
Projected growth in average income
SOURCES: IMF, GOLDMAN SACHS
Mexico 7.0 10.6 48.0
Indonesia 0.8 3.6 21.0
Nigeria 0.2 1.4 12.6
Turkey 4.1 10.6 48.5
MINT COUNTRIES – CURRENT DATA
Mexico in 2050
GDP in USD
GDP per capita $63,149
GDP growth (2015–2050) 4.0%
Due to Mexico's rapidly
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
•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 USA 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. At 2009, Indonesia was
the only member of the G20 to lower
its public debt-to-GDP ratio: a positive
economic management indicator.
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 Gross Domestic Product at purchasing power parity as of 2012, and
3rd largest within Africa (behind South Africa and Egypt), on track to
potentially becoming one of the 20 largest economies in the world by
2020. Its re-emergent, though currently under-performing,
manufacturing sector is the third-largest on the continent, and
produces a large proportion of goods and services for the West
A Nigerian man at a Porsche
dealership in Lagos. Nigeria is
aiming to become Africa's
economic hub. Photograph:
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-PPP and 18th largest Nominal
GDP. By 2050 this nominal GDP is set to grow to $4.45 trillion
USD to become the 14th largest nominal GDP in the world. 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
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 2008), ranking
4th in the world behind New York City (60
billionaires), Moscow (50 billionaires), and London (32
billionaires). 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). Turkey's major cities
and its Aegean coastline attract millions of visitors every
The CIA classifies Turkey as a developed country. It
is often classified as a newly industrialized country by
economists and political scientists.
•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. Guill é n (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 (3rd edition 2000). "Manufacturing industries (chapter 19),
World development (chapter 22)". Geography, An Integrated Approach.
Nelson Thornes Ltd. pp. 563, 576 – 579, 633, and 640. ISBN 0-17-
•N. Gregory Mankiw (4th Edition 2007). Principles of
•Wright, Chris (6 January 2014). "After The BRICS Are The MINTs, But Can You Make
Any Money From Them?
•Fraser, Ian (May 10, 2011). "Fidelity is confident its MINTs won't suck".
•BOESLER, MATTHEW (NOV. 13, 2013). "The Economist Who Invented The BRICs Just
Invented A Whole New Group Of Countries: The MINTs". Business Insider. Retrieved 7
•Magalhaes, Luciana (Dec 9, 2013). "O’Neill, Man Who Coined ‘BRICs,’ Still Likes BRICs,
But Likes MINTs, Too". Wall Street Journal. Retrieved 7 January 2014.
•Global Economics Paper No: 153 The N-11m: More Than an Acronym, March 28,
•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
•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.