First it was BRIC’s now its MINT’s. Goldman Sachs economist Jim O’Neil now see Mexico, Indonesia, Nigeria and Turkey as the new potential growth economies in the next 30 years.
As mentioned on the BBC one particular advantage that they have is that they all have geographical positions that should be an advantage as patterns of world trade change.
Mexico, Indonesia and Nigeria – are commodity producers and only Turkey isn’t. This contrasts with the BRIC countries where two – Brazil and Russia – are commodity producers and the other two – China and India – aren’t.
In terms of wealth, Mexico and Turkey are at about the same level, earning annually about $10,000 (£6,100) per head. This compares with $3,500 (£2,100) per head in Indonesia and $1,500 (£900) per head in Nigeria, which is on a par with India. They are a bit behind Russia – $14,000 (£8,500) per head – and Brazil on $11,300 (£6,800), but still a bit ahead of China – $6,000 (£3,600).
Interesting Statistic – Power in Nigeria
About 170 million people in Nigeria share about the same amount of power that is used by about 1.5 million people in the UK. Almost every business has to generate its own power. The costs are enormous.
“Can you imagine, can you believe, that this country has been growing at 7% with no power, with zero power? It’s a joke.” says Africa’s richest man, Aliko Dangote. Read the full article – The Mint countries: Next economic giants?