BRIC’s to CIVETS’ – what next?

10 years ago Jim O’Neill of Goldman Sachs coined the acronym BRIC – Brazil, Russia, India, China. This group of countries were seen as the emerging economic superpowers. However a new group of countries is now challenging their presence in the world economy – CIVETS.

Columbia – Indonesia – Vietnam – Egypt – Turkey – South Africa

Columbia – Already a key target for foreign investment thanks to a pro-business government and a wide variety of industries beyond oil and natural resources. 2010 growth: 4.3%

Indonesia – The primary attraction of the world’s fourth most populous country is “a vast pool of educated manpower, giving it the lowest unit labour costs in Asia”, says HSBS. 2010 growth: 6.1%

Vietnam – It’s also targeted as a potentially profitable new manufacturing hub, though there are concerns the economy and banking system may be vulnerable to shocks. 2010 growth: 6.8%

Egypt – If the political unrest abates, it could become a key trading hub linking Europe and Africa. 2010 growth: 5.1%

Turkey – A decade of political and economic reform is beginning to pay dividends in Turkey’s services-dominated economy. 2010 growth: 8.2%

South Africa – Foreign investors have long been attracted to South Africa’s rich resources, but there are concerns about unemployment, political stability and growth. 2010 growth: 2.8%

Source: The Week – 26th November 2011