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MINT Countries

The MINT countries

There has been a lot of discussion recently about whether the UK economic recovery is sustainable.  All countries go through cycles of growth and recession, but which countries are tipped to be the economic giants of the future?  Which countries have high long-term growth?

Economist ‘Jim’ O’Neil has recently identified the MINT countries as the potential stars of the future – countries which may rival the present giants of the USA, China and India. The MINT countries are Mexico, Indonesia, Nigeria and Turkey.  In April 2014, Nigeria became Africa’s biggest economy, leap-frogging over South Africa and becoming the 26th biggest economy in the world.

So why is Nigeria growing so quickly?  It has large oil reserves in the Niger Delta, a developing petro-chemical industry, a culture of entrepreneurship (people prepared to set up their own businesses), and a huge youthful population (contrasting with the ageing populations of many ‘Western’ economies).  Aliko Dangote from Lagos is one of the world’s richest people (check the list of billionaires on Forbes Rich List) and Nigeria has its own film industry called ‘Nollywood’.

Global investors have been viewing Nigeria as a potential boom market, but are there any downsides to Nigeria’s economy. The infrastructure is struggling to cope with the country’s rapid growth.  There is insufficient generating capacity for emerging businesses and power cuts are the norm.  Education provision is weak and corruption and crime are big concerns. Up to 100,000 barrels of oil are stolen every day, and as pipelines are frequently shut down for repairs, further oil output is lost!

What can we learn from this? The centres of power in the world economy are slowly shifting away from their old positions and a new ‘top table’ of countries appears to be emerging.  We can also surmise that good governance is key to a country becoming a genuine ‘MEDC’.

More detail on MINT countries at The World Fact Book and BBC Country Profiles.

    The Priory Federation of Academies, Lincoln