In 2001, economist Jim O'Neill coined the acronym BRIC (Brazil, Russia, India, China) for a group of countries at a similar economic stage with high growth potential. This turned out to be an excellent forecast. Back in 2001, China was ranked the 6th largest GDP in the world, Brazil was 11th, India was 13th, and Russia was 16th. Fast forward to 2011, and China now has the 2nd largest GDP in the world, Brazil is 6th, Russia is 9th, and India is 10th. That is a huge jump in relative numbers. Absolute growth and market returns have also been very impressive."History is written by the victors."
- Winston Churchill
This past year, O'Neill coined MIST (Mexico, Indonesia, South Korea, Turkey) as a new acronym to identify another block of emerging economies. The current relative GDP rankings of the MIST economies come from a similar base as the BRICs did ten years ago. Currently Mexico is the 14th largest GDP in the world, South Korea is 15th, Indonesia is 17th, and Turkey is 18th. Given the call on the BRIC economies, this new group bears watching.