British economist Jim O’Neill coined the term BRICs in 2001 to describe the four emerging industrial economies he believed would be global giants: Brazil, Russia, India and China.
The former head of Goldman Sachs, now a visiting research fellow at European think-tank Bruegel, is turning his eyes to a new quartet of emerging markets: MINTs — Mexico, Indonesia, Nigeria and Turkey.
All have young labour forces, which gives them the demographics to power growth over the next 20 years, O’Neill said in an interview with CBC’s The Lang & O’Leary Exchange.
O’Neill agrees that emerging market currencies have been in trouble because of the U.S. Fed’s decision to begin tapering its bond-buying program. But volatility is a given in emerging markets, he said.
“I never said they are going to outperform as an investment market. I said that they are the four countries that have the potential to be the most exciting in the world,” he said.
And O’Neill is bullish on growth for the U.S. economy believing it will shake off its weather-related slowdown in April and have a strong 2014.