Globalisation - Peering into the MIST?
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Is Jim O’Neill at it again? A decade or more ago he coined the acronym BRIC for four emerging economies set to reshape the boundaries of power and influence in the global economy. Now he is making frequent reference to another cluster of four countries that together spell MIST. Can students name them?
Whereas BRIC stood for Brazil, Russia, India and China, the new acronym MIST covers Mexico, Indonesia, South Korea and Turkey. O’Neill forecasts that these countries will continue to attract heavy levels of inward investment and they all have a strong growth environment score suggesting pretty fast trend growth and a growing weight in the world economy. All four of them exceed 1% of global GDP in nominal terms and have fast-growing markets for consumer goods and services and rapidly expanding capital flows.
From a EU point of view, the inclusion of Turkey is really interesting, at a moment when it seems that their prospects of accession to the European Union single market are receding. Turkey instead is looking to her near neighbours for enhanced trade and investment relationships.
Here are some background articles
The Guardian: After BRIC comes MIST, the acronym Turkey would certainly welcome
Wall Street Journal: Beyond BRICs and PIGS
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