Mint Countries (Mexico, Indonesia, Nigeria and Turkey)

Prof. Edwin Br. Gbargaye, MPA,MDM,DPA

Mexico Indonesia Nigeria Turkey

Presented by Group 1

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?

http://www.bbc.com/news/magazine-25548060

Born Terence James O'Neill17 March 1957 Manchester, United Kingdom

Nationality BritishAlma mater Sheffield University

University of SurreyEmployer Goldman SachsKnown for BRIC economic theorySpouse(s) MarriedChildren 2

http://www.bbc.com/news/magazine-25548060

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 economy?

BBC News - The Mint countries: Next economic giants?

The 2014 Millionaire Race: Goodbye BRICs, Hello MINTs

www.forbes.com

http://www.bbc.com/news/magazine-25548060

Projected growth in average income (thousands $)

2000 2012 2050 (projected)

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

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Country PopulationGDP (PPP)(2013)

GDP (nominal)(2013)

GDP per

capita (PPP)(2013)

GDP per capita

(nominal)(2013)

Exports(2012)

Imports(2012)

Trade(2012)

HDI(2012)

Mexico 118,337,000 $1,845 billion

$1,327 billion

$15,607 $11,224 $370.9

billion$370.8 billion

$741.7 billion 0.775

Indonesia 237,641,000 $1,285

billion$867.5 billion

$5,181 $3,498 $187.0

billion$178.5 billion

$365.5 billion 0.629

Nigeria 174,507,539 $478.5 billion

$292.0 billion

$2,827 $1,725 $95.68

billion$53.36 billion

$149.0 billion 0.471

Turkey 73,723,000 $1,167 billion

$821.8 billion

$15,263 $10,744 $163.4

billion$228.9 billion

$392.3 billion 0.722

MINT COUNTRIES – CURRENT DATA

Mexico in 2050GDP in USD $9.340

trillionGDP per capita $63,149

GDP growth (2015–2050) 4.0%

Total population 142 million

MexicoDue 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 more jobs

Indonesia•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 African region.

Nigeria

A Nigerian man at a Porsche dealership in Lagos. Nigeria is aiming to become Africa's economic hub. Photograph: Reuters

Nigeria

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

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 country.

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.

REFERENCES:

•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 0-17-444706-X.•N. Gregory Mankiw (4th Edition 2007). Principles of

REFERENCES:

•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 September 2012.•The World Bank: World Development Indicators Database.Gross Domestic Product 2011. Last revised on 18 September 2012.