Four nations make up the MINT economies: Mexico, Indonesia, Nigeria and Turkey. It is similar to the term BRIC, which refers to the economies of Brazil, Russia, India and China, and in fact both terms were created by British economist Jim O’Neill. The term economic was created as a way to show these economies as the next most powerful emerging markets in the world. Many economists predict that these countries will experience faster than average growth in the coming decades. As a result of this forecast, many investors turn to these countries for investment opportunities, hoping for high returns.
Although each country has a unique set of circumstances surrounding its economies, the MINT countries also share some features. For example, these countries all have a large and relatively young population, which guarantees a large workforce. Furthermore, the localities of the MINT countries favor international trade and each has a government that has made economic growth an absolute priority. Finally, the MINT countries have diversified markets, in the sense that no country relies on a single sector for survival. Below is a more detailed discussion of each individual MINT economy.
Mexico was included in this group of upcoming more powerful emerging markets because economists believed that Mexico’s economy would benefit as the US economy recovered from the global economic crisis. Today, Mexico has the largest economy in the world 15 and continues to grow. This growth is demonstrated by constant infrastructure construction projects, as well as by a significant decrease in the number of people living in poverty. The gross domestic product (GDP) is $ 10,230.20 per person, which has the equivalent purchasing power in Mexico of over $ 18,900. Per capita GDP is expected to continue to rise, which has led to an increase in consumer purchases.
Mexico has a workforce of around 53 million people and most of these individuals work in the service sector (61.9%). Industry (24.1%) and agriculture (13.4%) follows. Some of the main products produced in Mexico include: chemicals, textiles, tobacco, food and beverages, iron, steel, oil and mines. Mexico also relies heavily on exports and has exported about $ 427.89 billion of assets in 2016. Over 90% of its trade is conducted according to the guidelines of free trade agreements, which include countries throughout the Americas and Europe.
Indonesia is part of the MINT economies, as it is one of the next most powerful emerging markets and has rapid economic growth. This growth has been largely dependent on its pre-existing oil and coal mining and export industries. Being the fourth most populated country in the world, Indonesia has an advantage over other countries in terms of labor force. It ranks as the largest economy in the world 16 and is also considered the largest economy in Southeast Asia. In addition, Indonesian residents earn per capita GDP of around $ 3,491, which has higher purchasing power within the country. Indonesia is the second fastest growing economy in the G20. Moreover, it was the
Indonesia has a workforce of 123.7 million individuals and 47% of these individuals work in the service sector. Followed by agriculture (32%) and industry (21%). Some of the main products produced in Indonesia include: fertilizers, electrical appliances, palm oil, natural gas, clothing and oil. Three Indonesian provinces have been identified as the country’s main economic players: Central Java, Southern Sulawesi and Northern Sulawesi.
Nigeria is the third of the MINT economies and has been selected as a powerful emerging market thanks to its highly regulated and efficient banking system, its large and young population and its wealth of natural resources. Despite this growth potential, Nigeria is the only MINT economy that does not belong to the G20. However, some economists predict that the government of Nigeria will now work to become a member. Nigeria has the largest economy in the world 20 in terms of purchasing power. Moreover, it is considered the largest economy in Africa.
Most of the economic growth in Nigeria occurs in the financial, technological, communications and services sectors. The manufacturing industry is also growing, although it has not yet reached its full potential. Products manufactured in Nigeria are mainly exported throughout the western region of Africa. This country has a workforce of about 74 million individuals. The agricultural, fishing and forestry industries employ 30.5% of the population, making them the largest employer. Retail and maintenance (24.9%), food, transport, housing and real estate (12.2%) follow. Some of the main products produced in Nigeria include: oil, electronics, cement, chemicals, ceramics and pharmaceuticals. Per capita GDP is reported at $ 3.203.
Turkey is recognized as an important emerging market due to its rapid rate of economic growth. For example, Turkey’s economy has achieved a growth rate of 9.2% in 2010, which was faster than two of the BRIC economies. Furthermore, Turkey has one of the most strategic places in any of the MINT countries, given its transcontinental status between Asia and Europe. However, despite this advantage, Turkey is also at a disadvantage compared to its MINT counterparts as it struggles with problems of rapid inflation. Furthermore, Turkey is the only MINT economy that is not considered a producer of raw materials.
Turkey has the 17 largest economy in the world in terms of GDP, and has a per capita GDP of around $ 10,529.60. Its workforce is estimated at around 31.93 million individuals. Most Turkish workers are employed by the construction sector, which contributes 6% of the entire national economy. Other major industries in Turkey that rely on this sector include: steel, cement and timber. These sectors, as well as other construction-related industries, are believed to represent about one-third of the market.
What are the MINT economies?
|degree||State||Population||GDP (PPP, 2014)||GDP per capita (nominal, 2014)||Exports (2014)||Imports (2014)||Commerce (2014)||HDI (2015)|
|1||Mexico||125,385,833||$ 2.125.3 billion||$ 10.230.20||$ 427.894 billion||$ 477.260 billion||$ 905.154 billion||0762|
|2||Indonesia||254,454,778||$ 2.676.1 billion||$ 3,491.90||$ 200,953 billion||$ 231.576 billion||$ 432.529 billion||0689|
|3||Nigeria||177,475,986||$ 1.049.1 billion||$ 3,203.30||$ 91.530 billion||$ 80.160 billion||$ 171.690 billion||0527|
|4||Turkey||75,932,348||$ 1.459.9 billion||$ 10,529.60||$ 223.761 billion||$ 271.384 billio|