The MINT Countries as Emerging Economic Power Bloc: Prospects and Challenges

Abstract

MINT is a new acronym referring to the economies of Mexico, Indonesia, Nigeria, and Turkey. The term is being popularized by Jim O'Neill of Goldman Sachs, who had created the term BRIC.  The idea is that Mexico, Indonesia, Nigeria and Turkey have very favourable demographics for at least the next 20 years, and their economic prospects are encouraging. Is it likely that these countries would do enough on the economic-policy front to quickly realize that potential? Can they do what is needed to lift the country’s growth rate to double digit? Will they be able to advance infrastructure, increase middle class and rapidly decline poverty rates? Are these MINT countries in a “mint” condition to fulfil expectations of their emergence as economic powerhouses? This paper will rely on existing literatures, newspaper articles as well as World Bank data to achieve its assignment. We will conclude that the MINT countries will have to engage their youth population creatively and productively to be able to actualise their future economic potentials. The paper suggests economic models that will make the favourable demographics an asset.

Keywords: MINT Economies, Economic Power bloc, Youth Engagement, Nigeria, Mexico, Turkey, Indonesia