MIKT

4 MIKT countries

MIKT (also known as MIST) is a neologism referring to the economies of Mexico, Indonesia, South Korea, and Turkey. These countries also belong to Next Eleven countries.

MIKT was coined by Jim O'Neill of Goldman Sachs, who is also the creator of the term BRIC.^[1]

The term is primarily used in the economic and financial spheres as well as in academia. Its usage has grown specially in the investment sector, where it is used to refer to the bonds issued by these governments.

Statistics[edit]

Country data[edit]

Organizations and groups[edit]

Country	G20	OECD	DAC
Mexico	Y	Y	N
Indonesia	Y	N	N
South Korea	Y	Y	Y
Turkey	Y	Y	N

Mexico City, Mexico

Indonesia[edit]

Jakarta, Indonesia

Indonesia's population is the fourth largest in the world after China, India, and the United States. With its large population, Indonesia will be ranked seventh in Gross Domestic Product by 2050 based on a prediction by Jim O'Neill about BRIC and other prominent countries. Indonesia has a mixed economy in which both the private sector and government play significant roles.[112] The country is the largest economy in Southeast Asia and a member of the G-20 major economies.[113] Indonesia's estimated gross domestic product (nominal), as of 2012 was US$928.274 billion with estimated nominal per capita GDP was US$3,797, and per capita GDP PPP was US$4,943 (international dollars).[114] June 2011: At World Economic Forum on East Asia, Indonesian president said Indonesia will be in the top ten countries with the strongest economy within the next decade. The gross domestic product (GDP) is about $1 trillion[4] and the debt ratio to the GDP is 26%Mexico will be set on the fifth, South Korea (12th) and Turkey (13th). MIKT represents the order.

South Korea[edit]

Seoul, South Korea

South Korea is by far the most highly developed country when compared to the BRICS and Next 11, yet it has been achieving growth rates of 4-6%, a figure more than double that of other advanced economies. More importantly, it has a significantly higher Growth Environment Score (Goldman Sachs' way of measuring the long-term sustainability of growth) than all of the BRICS or N-11s. Commentators such as William Pesek Jr. from Bloomberg argue that Korea is "Another 'BRIC' in Global Wall", suggesting that it stands out from the Next Eleven economies. By GDP (PPP), South Korea already overtook a G7 and G8 economy, Canada, in 2009. It then surpassed Spain in 2010 and at current speed, will equal Italy before 2016 to become the world's 11th largest economy and 6th largest among developed countries. Economists from other investment firms argue that South Korea will have a GDP per capita of over $96,000 by 2050, surpassing the United States and by far the wealthiest among the G7, BRICS and N-11 economies, suggesting that wealth is more important than size for bond investors, stating that South Korea's credit rating will be rated AAA sooner than 2050.^[2]

United Korea[edit]

In September 2009, Goldman Sachs published its 188th Global Economics Paper named "A United Korea?" which highlighted in detail the potential economic power of a United Korea, which would surpass Japan, the United Kingdom, Germany and France within 30–40 years of Korean reunification. It is estimated that its GDP would surpass $6 trillion by 2050. The young, skilled labor and large amount of natural resources from the North combined with advanced technology, infrastructure and large amount of capital in the South, as well as Korea's strategic location connecting three economic powers, is likely going to create an economy among the largest of the G7.

Istanbul, Turkey

Turkey[edit]

In 2011 Turkey had the world's 15th largest GDP-PPP^[3] and 18th largest Nominal GDP.^[4] The country is a founding member of the OECD (1961) and the G-20 major economies (1999). Since December 31, 1995, it has been part of the EU Customs Union. Mean wages were $8.71 per man-hour in 2009. Turkey grew at an average rate of 7.5 percent between 2002 and 2006, faster than any other OECD country.

According to a survey by Forbes magazine, Istanbul, Turkey's financial capital, had a total of 28 billionaires as of March 2010 (down from 34 in 2008^[5]), ranking 4th in the world behind New York City (60 billionaires), Moscow (50 billionaires), and London (32 billionaires).^[6] In 2012, Istanbul ranked 5th in the world with 30 billionaires, behind Moscow (78 billionaires), New York City (57 billionaires), London (39 billionaires), and Hong Kong (38 billionaires).^[7][8] Turkey's major cities and its Aegean coastline attract millions of visitors every year.

The CIA classifies Turkey as a developed country.^[9] It is often classified as a newly industrialized country by economists and political scientists.^[10][11][12]

See also[edit]

• 3G (countries)
• BRIC
• BRICS
• CIVETS
• Emerging power
• Emerging and Growth-Leading Economies
• Four Asian Tigers
• G20
• Next Eleven
• PIGS
• Tiger Cub Economies

References[edit]

1. ^ "MIKT: Another BRIC in the Making?". 
2. ^ PDF stratton street capital
3. ^ The World Bank: World Development Indicators Database. Gross Domestic Product 2011, PPP. Last revised on 18 September 2012.
4. ^ The World Bank: World Development Indicators Database. Gross Domestic Product 2011. Last revised on 18 September 2012.
5. ^ Forbes: The World's Top 10 Billionaire Cities in 2008
6. ^ Forbes Billionaires List, Cost Of Living in Forbes Magazine article "Billionaires List, Cost Of Living". March 29, 2010.
7. ^ Forbes: Moscow beats New York, London in the list of Billionaire Cities
8. ^ Forbes: Top 10 billionaire cities in 2012: Istanbul
9. ^ Developed Countries, World Factbook, CIA.
10. ^ Mauro F. Guillén (2003). "Multinationals, Ideology, and Organized Labor". The Limits of Convergence. Princeton University Press. pp. 126 (Table 5.1). ISBN 0-691-11633-4. 
11. ^ David Waugh (3rd edition 2000). "Manufacturing industries (chapter 19), World development (chapter 22)". Geography, An Integrated Approach. Nelson Thornes Ltd. pp. 563, 576–579, 633, and 640. ISBN 0-17-444706-X. 
12. ^ N. Gregory Mankiw (4th Edition 2007). Principles of Economics. ISBN 0-324-22472-9.