February 25, 2021
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Common goal
MINT economies-prospects and challenges After coining the term ‘BRIC’ in 2001, denoting Brazil, Russia, India and China as potential powerhouses of the world economy who later grouped themselves into an economic, trade and investment alliance, Goldman Sachs economist Jim O’Neill identified the ‘MINT’ countries-Mexico, Indonesia, Nigeria and Turkey as emerging economic giants. The term ‘MINT countries’ was originally coined by a Boston based asset management firm Fidelity and was popularized by Jim O’Neill. He believes that a number of advantages could potentially propel these countries in the list of the world’s largest economies, possibly within the next three decades. Just like the coining of the term BRIC enabled those countries to develop their own economic-political club, the coining of the term MINT might also be the basis of these countries to form a similar forum for themselves. If that indeed happens, Nigeria could hope to become a member of the G20, just like the rest of the MINT countries. The coining of such a term means a lot, not only for the countries in question, but also for the global economy and trade. When the ‘BRICS’ term was coined, it created a lot of buzz in the economic and political spheres of the world. Naturally, a lot of positive attention was focused on them. Over the time, they have become a non-western counterpart to the decade’s long hegemony in the econom
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