Ambassador to Austria and UK Permanent Representative to the United Nations and other International Organisations in Vienna
Part of UK in Turkey
10th January 2014
Turkey: an economic miracle?
Who is referring to Turkey as one of “The next economic giants”?The answer is Jim O’Neill, the British economist famous for inventing the term “BRIC” – for Brazil, Russia, India and China – in 2001 as the next big thing in the world economy. Since then, these economies have grown strongly.
Now Jim O’Neill has coined a new acronym: the MINT countries, ie Mexico, Indonesia, Nigeria and Turkey. You can listen to his 45-minute radio programme about Turkey free on the BBC podcast page (look for “MINT: The Next Economic Giants”). More background on the “MINT” phenomenon is in a Guardian article of 10 January.
Jim O’Neill is the opposite of a starry-eyed optimist. On the contrary, he is (like me) a Mancunian and a long-suffering Manchester United supporter. Yet his programme talks about Turkey’s world class companies and the country’s “economic miracle”. It refers to the MINT countries as part of the future not the past. And it says there is every chance that these countries could join the ranks of the world’s top 10 economies. He also compares Kayseri to both Manchester and to Switzerland.
Jim O’Neill also says that, like all countries, each of the MINT economies has problems which need resolving to liberate their potential; and that some will face a “roller-coaster ride”. In the case of Turkey, he notes the challenge of political stability. Conversely, much of the potential of these countries is based on demographic profile – something which is comparatively easy to predict with confidence.
At a time of turbulence in Turkish politics, I continue to be an optimist about this country’s long-term economic future. As I noted in an earlier blog, Turkey has much to be confident about – including its ability to control its own destiny. Now, Jim O’Neill gives us a fascinating glimpse of just how great Turkey’s future could be.