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 economic term was created as a way to showcase these economies as the next most powerful emerging markets in the world. Many economists predict that these countries will experience faster than average growth over 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 their individual economies, the MINT countries also share a few characteristics. For example, these countries all have large and relatively young populations, which ensures a large workforce. Additionally, the locations of the MINT countries are conducive to international trade, and each has a government that has made economic growth a top priority. Finally, MINT countries have diversified markets, meaning not one country relies on only one industry for survival. A more detailed discussion of each individual MINT economy is presented below.
Mexico was included in this group of the next most powerful emerging markets because economists believed that Mexico's economy would benefit while the US economy recovered from the global economic crisis. Today, Mexico has the 15th largest economy in the world and continues to grow. This growth is demonstrated by constant infrastructure construction projects, as well as 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 more than $18,900. The GDP per capita is expected to continue rising, which has prompted an increase in consumer purchases.
Mexico has a labor force of approximately 53 million individuals, and the majority of these individuals work in the services industry (61.9%). This is followed by industry (24.1%) and agriculture (13.4%). Some of the major products produced in Mexico include: chemicals, textiles, tobacco, food and drink, iron, steel, petroleum, and mining. Mexico also relies heavily on exports, and exported about $427.89 billion worth of goods in 2016. Over 90% of its trade takes place under the guidelines of free trade agreements, which includes 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 reliant on its pre-existing oil and coal extraction and export industries. As the fourth most populated country in the world, Indonesia has an advantage over other countries in terms of labor force power. It ranks as the 16th largest economy in the world, and is also considered the largest economy in Southeast Asia. Additionally, residents in Indonesia earn a per capita GDP of around $3,491, which has a higher purchasing power within the country. Indonesia is the second fastest growing economy in the G20. Additionally, it was the only G20 member country to reduce its ratio of public debt to GDP in 2009.
Indonesia has a labor force of 123.7 million individuals, and 47% of these individuals work in the services industry. This is followed by agriculture (32%) and industry (21%). Some of the major products produced in Indonesia include: fertilizers, electrical appliances, palm oil, natural gas, clothing, and petroleum. Three Indonesian provinces have been identified as the country's top economic performers: Central Java, South Sulawesi, and North Sulawesi.
Nigeria is the third of the MINT economies and was selected as a powerful emerging market because of its highly regulated and efficient bank system, its large and young population, and its wealth of natural resources. Despite this potential for growth, Nigeria is the only MINT economy that does not belong to the G20. However, some economists predict that Nigeria's government will now work toward becoming a member. Nigeria has the 20th largest economy in the world in terms of purchasing power. Additionally, it is considered the largest economy in Africa.
The majority of economic growth in Nigeria occurs in the financial, technology, communications, and services industries. The manufacturing industry is also growing, although it has not yet reached its full potential. Products manufactured in Nigeria are primarily exported throughout the western region of Africa. This country has a labor force of around 74 million individuals. The farming, fishing, and forestry industries employ 30.5% of the population, making it the largest employer. This is followed by retail and maintenance (24.9%), food, transportation, accommodation, and real estate (12.2%). Some of the principal products produced in Nigeria include: oil, electronics, cement, chemicals, ceramics, and pharmaceuticals. The GDP per capita is reported at $3,203.30, which has a purchasing power equivalent of more than $6,184.
Turkey is recognized as a major emerging market due to its rapid economic growth rate. For example, Turkey's economy achieved a growth rate of 9.2% in 2010, which was faster than two of the BRIC economies. Additionally, Turkey has one of the most strategic locations of 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 issues of rapid inflation. Additionally, Turkey is the only MINT economy that is not considered a commodities producer.
Turkey has the 17th largest economy in the world in terms of GDP, and it has a GDP per capita of approximately $10,529.60. Its workforce is estimated at approximately 31.93 million individuals. Most of Turkey's laborers are employed by the construction sector, which contributes 6% of the entire national economy. Other important industries in Turkey that rely on this sector include: steel, cement, and lumber. These sectors, as well as other construction-related industries, are believed to make up around one-third of the market.