REPUBLIKA.CO.ID, JAKARTA - Senior economist Jim O'Neill successfully introduced BRICS, a grouping acronym that refers to the countries of Brazil, Russia, India China and South Africa which are all deemed to be at a similar stage of newly advanced economic development. Now he rose new terms of MINT (Mexico, Indonesia, Nigeria and Turkey) as new frontier of global economy that can replace BRICS.
O'Neill predicts that the four countries will be new world economic powers. It is based on a number of similarities backgrounds of MINT countries, such as young populations, strategic geographical location, as well as three of them are commodities producers, except Turkey.
Mexico was fortunate to be next United States, while Indonesia was in a prime position as it is in Southeast Asia - the centre of global growth in recent years - and ties to China. Three of MINT countries, namely Mexico, Indonesia and Nigeria are also commodity producers compared to two of BRICS countries - Brazil and Russia - that if developed properly could be beneficial.
Former Goldman Sachs economists considered Indonesia as the world's most desirable market or market darling who managed to convince both lenders and investors to anchor their funds. It was triggered by smooth bureaucratic reforms that have been proposed, which would make government more stable conditions for economic growth.
O'Neill saw challenges for Indonesia as it needed to improve its infrastructure and be more dynamic in its entrepreneurialism more outside commodities. He thought that it might take 30 years for MINT countries to join the world's 10 largest economies.
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