” Stand aside Brics, there is a new emerging growth kid on the block”

Something worth noting……………

 

Mints set to become new frontiers of growth

JOHANNESBURG, Jan 13 (Business Day) – Stand aside Brics, there is a new emerging growth kid on the block. Goldman Sachs soothsayer Jim O’Neill, who gave the world the term Brics (Brazil, Russia, India, China, South Africa), is now hailing the Mints (Mexico, Indonesia, Nigeria and Turkey) as the new frontiers of global growth.  They are likely to steal the limelight from the Brics, whose fortunes are being dimmed by a growing aversion to these former emerging growth champions. Disturbingly for South Africa, whose place in Brics has often been contested, including by Mr O’Neill himself, Nigeria appears set to lead the way. Mr O’Neill is presenting a four-part series on BBC Radio 4 that profiles the members of his new acronym.

In a preview, he said the Mints have advantages that will place them at the top of the economic table “if they reach their potential”. They have young and large populations and are well placed geographically. Mexico is next to the US, while Indonesia is in a prime position in Southeast Asia. Three of the Mints — Mexico, Indonesia and Nigeria — are also commodities producers. The Bric countries comprise only two commodities producers — Brazil and Russia, said Mr  He said Mexico and Nigeria are reforming their energy markets. If these resources are developed properly, they could take off, he said. Mr O’Neill also said Nigeria and Turkey had the best chance of “surprising the world”, as many of their problems are known.

But he said Mexico might “disappoint” because of high expectations. Indonesia needs to improve its infrastructure and be more dynamic and “entrepreneurial” outside of commodities, he said. In the first programme, which aired this week, entrepreneurs in Nigeria said the country still faced “fundamental issues”. Infrastructure remained a problem, but the “issues of power and electricity” have apparently been resolved. This puts even further pressure on President Jacob Zuma to implement the National Development Plan, before South Africa is relegated to rooting around for growth among the Pigs — Portugal, Italy, Greece and Spain.

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