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Forget The BRICs -- Here Come The CIVETS

Interesting story in Business Without Borders about the slowdown in growth in the BRIC countries (Brazil, Russia, India and China) and the six countries who are poised to take the baton next.

Key point:
"The past decade was all about the BRICs, the massive economies of Brazil, Russia, India and China, which kicked off at the beginning of the new century, boomed and are now slowing like the rest of the developed world. Taking their place is a new group of fast-rising economies promising businesses outsized returns.

The next decade could belong to the CIVETS – Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa – whose rising middle class, young populations and rapid growth rates make the BRICs look dull in comparison."

All economic and demographic indicators point to significant growth potential:

The CIVETS, meanwhile, are at the lift-off point. The six countries in the group are posting growth rates higher than 5% — with the exception of Egypt and South Africa – and are trending upwards. Lacking the size and heft of the BRICs, these upstarts nevertheless offer a more dynamic population base, with the average age being 27, soaring domestic consumption and more diverse opportunities for businesses seeking international expansion.

Having just traveled to Colombia myself, I can say that the city's port was booming with container ships and shopping districts were stocked with flagship brands and bustling with international tourists. With large increases in both political and economic stability in the past decade, a business-friendly administration, a new free trade agreement with the U.S., and coastlines/ports on both the Caribbean and Pacific coasts, this country seems well poised to inherit Brazil's mantle as the next powerhouse of South American business growth.

TAGS: Innovation
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