OF MEXICO, INDONESIA, NIGERIA, AND TURKEY. THE TERM WAS
ORIGINALLY COINED BY FIDELITY, A BOSTON-BASED ASSET MANAGEMENT
FIRM, AND WAS POPULARIZED BY JIM O'NEILL OF GOLDMAN SACHS, WHO
HAD CREATED THE TERM BRIC. THE TERM IS PRIMARILY USED IN THE
ECONOMIC AND FINANCIAL SPHERES AS WELL AS IN ACADEMIA. ITS
USAGE HAS GROWN ESPECIALLY IN THE INVESTMENT SECTOR, WHERE IT IS
USED TO REFER TO THE BONDS ISSUED BY THESE GOVERNMENTS. THESE 4
COUNTRIES ARE ALSO ON THE NEXT ELEVEN COUNTRIES LIST.
Terence James O'Neill
17 March 1957
University of Surrey
BRIC economic theory
The Mint countries: Next economic
Projected growth in average income
SOURCES: IMF, GOLDMAN SACHS
MINT COUNTRIES – CURRENT DATA
GDP GDP per
Mexico in 2050
GDP in USD
GDP per capita
GDP growth (2015–2050)
Due to Mexico's rapidly advancing
infrastructure, 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
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 African region.
• 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 year.
The CIA classifies Turkey as a developed country. It is often classified as
a newly industrialized country by economists and political scientists.
• 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 January 2014.
• 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, 2007.
• 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 2010-10-15.
• The World Bank: World Development Indicators Database. Gross Domestic Product 2011, PPP. Last revised on 18
• The World Bank: World Development Indicators Database.Gross Domestic Product 2011. Last revised on 18
• 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. Guillén (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 0-17-444706X.
• N. Gregory Mankiw (4th Edition 2007). Principles of