BRICS and MINTS Today
The acronyms BRICS and MINT refer to two groups of emerging countries selected by Fidelity, a multinational financial services corporation. Brazil, Russia, India, China, and South Africa take part in the first group. Mexico, Indonesia, Nigeria, and Turkey compose the second group. Due to their high potential growth prospects, in 2001 Fidelity claimed that BRICS economies would dominate the global economy by 2050. Ten years later Fidelity selected the MINT economies like the BRICS’ successors.
MINT economies are considerably smaller than those of the BRIC countries. BRIC is a group of emerging-market economies that have experienced rapid growth in recent years. After the global financial crisis and the oil price fall that began in 2014, the BRICS economies' growth slowed. By 2015, the BRICS name had lost its allure as an investment destination, and funds dedicated to these economies had either closed or merged with other investment vehicles.
As the BRIC countries' economies stagnated (with the exception of China), investors shifted their focus to MINTs, which analysts said would be the next fast-growing economies. These countries have favourable demographics, geographic position and large commodities producers. On the other hand, these economies experience corruption. For this reason, predictions on MINTs growth are volatile even if today its components are rising exponentially their wealth.
Only in the next 20 years will it be possible confirm the MINTs economic success of today.
References/Wider Reading
https://commonslibrary.parliament.uk/the-mint-emerging-economies/
https://www.investopedia.com/terms/b/brics.asp
https://www.tradefinanceglobal.com/posts/exporting-brics-mint-countries-good-bad-ugly/