Mexico Enter The BRIC Group

Mexico 'enter' the BRIC group


The economist who coined the term in 2001 will release its new list of emerging Jim O'Neill believes the group has been overtaken by what their characteristics should be redefined.

The economist who coined the term BRIC in 2001, will now include Mexico, South Korea, Indonesia and Turkey. (Photo: Jupiter Images)

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MEXICO CITY (FORTUNE) - Jim O'Neill, the financial expert who coined the term BRIC (Brazil, Russia, India and China for its acronym in English), include in its list of emerging markets in Mexico, Korea South, Indonesia and Turkey , arguing that the term has been surpassed.



"Any economy among emerging markets, representing 1% of global GDP, and has the potential to increase it, take it seriously," O'Neill said in an interview with the Financial Times.com.



The president of Goldman Sachs Asset Management believes that the term " emerging markets "is no longer useful, because it brings together a range of countries very different possibilities.



Mexico and South Korea accounted for 1.6% of world GDP in nominal terms, while Indonesia and Turkey are worth 1.1% and 1.2%.



China is the second largest economy, with 9.3% of global GDP (U.S. worth 23.6%), while Brazil, India and Russia expected 8% in combination.



China issued an invitation to the biggest economy in Africa, South Africa , to join the group of emerging BRIC , said on 24 December a South African government minister.



South Africa sought to join the BRIC at the last meeting of the Group of 20 leading world economies (G20) in November, said at the time the Russian president, Dmitry Medvedev .



The term BRIC was coined in 2001 by Jim O'Neill. The economist has resisted the group include countries including South Africa. He takes into account the country's size, demographics and growth potential. The African country contributes 0.6% to world GDP.



" South Africa will be successful, but not great , "said O'Neill.



With information from Reuters.

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