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Advanced Economies and Emerging Markets by Rajabahadur V. Arcot, Harry Xia, Carlos Frota, José Alves, Marcus Goncalves

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CHAPTER 8

CIVETS

A New Strong and Fast Emerging Market

Overview

Until recently, the best notorious work of Goldman Sach’s economist Jim O’Neil was probably the development of the BRIC* acronym. Now, however, the new grouping of Colombia, Indonesia, Vietnam, Egypt, Turkey, and South Africa countries, dubbed CIVETS also is becoming well known. Although it is not certain who created the acronym –some assert HSBC’s chief executive Michael Geoghegan while others claim the Economist Intelligence Unit – all parties believe this new bloc is becoming the next big strategy for growth, foreign investments, and global policy influence.

The authors believe the future of robust global growth and development are being concentrated in the emerging markets. These ...

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