If BRIC is so 2008, which nations are next: MIC?
By Sara Smith | 09:20:25 | 07 September 2009
The author of the seminal Goldman Sachs research note that coined the term ‘Bric’, Jim O’Neill, no longer talks about these nations as emerging markets.
He believes they are too big and too developed. That they continue to be engines of growth is undisputed, but there are other nations fighting for their place as an acronym of tiger economies.
Chief among these are Mexico, Indonesia and Chile, presumably the best acronym of which would be MIC.
Chile is red hot
Cornhill Capital’s faith in Chile as the next up-and-coming emerging market has led manager Ivan Narandja to create a portfolio devoted entirely to the Latin American region.
Narandja, who is director of wealth management at Cornhill and works alongside head of wealth management Simon Legge, said Chile has a number of attractive factors.
He said it is effectively self-sufficient, with abundant resources, and can boast of being the only investment-grade country to be upgraded to A1 from A2 by Moody’s since the global financial crisis began. It is also the world’s top producer of copper, with output accounting for about one-third of global supply..........................