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{{short description|Group of six emerging-market countries}}
{{About|the group of nations known as CIVETS|other uses|Civet (disambiguation)}}
'''CIVETS''' is an acronym for six [[emerging market]] countries identified for their rapid [[Economic power|economic development]]: [[Colombia|'''C'''olombia]], [[Indonesia|'''I'''ndonesia]], [[Vietnam|'''V'''ietnam]], [[Egypt|'''E'''gypt]], [[Turkey|'''T'''urkey]], and [[South Africa|'''S'''outh Africa]].<ref>{{cite news|author=City Diary |url=https://www.telegraph.co.uk/finance/comment/citydiary/7886195/Geoghegan-digests-and-delivers-new-acronym.html |title=Geoghegan digests and delivers new acronym |publisher=Telegraph.co.uk |date= 12 July 2010|access-date=28 June 2012 |location=London}}</ref> The term was coined in 2009 by Robert Ward of the [[Economist Intelligence Unit]] to describe nations demonstrating particularly strong growth potential. Common characteristics include "diverse and dynamic" economies, "young, growing population[s]",<ref name=":0">{{cite web|url=http://www.china-briefing.com/news/wp-content/uploads/2010/04/HSBC-Speech-27Apr10.pdf |title=From West to East |publisher=HSBC |access-date=2 July 2012}}</ref> and "relatively sophisticated financial systems".<ref>{{Cite web |date=20 November 2011 |title=The Civets: a guide to the countries bearing the world's hopes for growth |url=http://www.theguardian.com/business/2011/nov/20/civets-guide |access-date=7 December 2022 |website=the Guardian}}</ref>
CIVETS is comparable to similar economic groupings such as [[BRICS]] and the [[Jim O'Neill, Baron O'Neill of Gatley#Next Eleven|Next Eleven]],<ref name=":1">{{Cite web |last=Moore |first=Elaine |date=8 June 2012 |title=Civets, Brics and the Next 11 |url=https://www.ft.com/content/c14730ae-aff3-11e1-ad0b-00144feabdc0 |website=Financial Times}}</ref> both devised by former [[Goldman Sachs]] economist [[Jim O'Neill, Baron O'Neill of Gatley|Jim O'Neill]] to identify markets deemed most advantageous to investors.<ref name=":2">{{Cite web |last=Johnson |first=Steve |date=12 September 2010 |title=Next 11 and Civets vie to be Next Bric Thing |url=https://www.ft.com/content/e70d1e04-bd04-11df-954b-00144feab49a |website=Financial Times}}</ref><ref name=":3">{{Cite news |title=BRICs, CIVETS, and PIGS: What's in a name? |work=Christian Science Monitor |url=https://www.csmonitor.com/The-Culture/Verbal-Energy/2012/0120/BRICs-CIVETS-and-PIGS-What-s-in-a-name |access-date=7 December 2022 |issn=0882-7729}}</ref> All three terms are examples of "acronym investing", in which investments are targeted to a group of otherwise disparate markets that share a common feature.<ref name=":4">{{Cite web |last=Cohn |first=Carolyn |title=BRIC, MINT, CIVETS: Money Managers Are So Over Investing in Catchy Acronyms |date=2014|url=https://www.businessinsider.com/bric-mint-civets-acronym-investing-2014-1 |access-date=7 December 2022 |website=Business Insider}}</ref>
==Etymology==
The [[acronym]] ''CIVETS'' was first coined by Robert Ward, Global Director of the Global Forecasting Team of the [[Economist Intelligence Unit]] (EIU) in late 2009.<ref>{{cite news| url=https://www.economist.com/blogs/theworldin2010/2009/11/acronyms_4 | newspaper=The Economist | title=BRICS and BICIS | date=26 November 2009}}</ref> The grouping was conceptually inspired by [[BRIC]], a term developed in 2001 by Jim O'Neill of the American investment bank [[Goldman Sachs]] to describe four rapidly growing countries he believed would challenge the existing global economic order: Brazil, Russia, India, and China.<ref name=":3" /> Similarly, Ward identified CIVETS as having some of the strongest economic potential.<ref name=":2" />
CIVETS was further disseminated and popularized by [[Michael Geoghegan]], president of the British multinational bank [[HSBC]], following a speech to the Hong Kong Chamber of Commerce in April 2010. Geoghegan compared these countries to the [[civet]], a small cat-like omnivorous mammal that lives in tropical regions of Africa and Asia and eats and partially digests coffee cherries, passing a transformed coffee bean that is a highly valued commodity.<ref name=":0" />
All CIVETS countries except Colombia and South Africa are also part of the "[[Jim O'Neill, Baron O'Neill of Gatley#Next Eleven|Next Eleven]]" (N-11), a group of nations that will purportedly become some of the world's largest economies in the 21st century.<ref>{{Cite news |date=7 August 2012 |title=Goldman Sachs's MIST Topping BRICs as Smaller Markets Outperform |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2012-08-07/goldman-sachs-s-mist-topping-brics-as-smaller-markets-outperform |access-date=7 December 2022}}</ref>
==Members==
===Colombia===
Colombia is a member of the [[Pacific Alliance]], the [[Andean Community]], and the [[Association of Caribbean States]]. It was immersed in political repression since [[La Violencia]]. However, with the [[Constitution of 1991]], the country finally reemerged democratically, though with severe obstacles from the [[Colombian conflict]] as well as political crises such as the [[Parapolitica]] scandal. In recent years, great strides forward have been made, with several institutional changes taking place. There are policies that favor the creation of new businesses, and foreigners can integrate into the market without major hurdles.<ref>{{cite web|url=http://www.doingbusiness.org/exploreeconomies/?economyid=46 |title=Doing Business Measure of Colombia's business regulations |publisher=Doingbusiness.org |date=30 December 2011 |access-date=28 June 2012}}</ref> Foreign investment increased five-fold between 2002 and 2010,<ref>{{cite news|last=Markey |first=Patrick |url=https://www.reuters.com/article/idUSTRE6760DD20100807 |title=Santos takes office with strong mandate |publisher=Reuters.com |date= 7 August 2010|access-date=28 June 2012}}</ref> and there has also been a [[petroleum]] and gas boom.<ref>{{cite web |url=http://www.theworld.org/2010/07/19/colombias-oil-boom/ |title=Colombia's oil boom |publisher=Theworld.org |date=19 July 2010 |access-date=28 June 2012 |archive-url=https://web.archive.org/web/20100919172738/http://www.theworld.org/2010/07/19/colombias-oil-boom/ |archive-date=19 September 2010 |url-status=dead }}</ref> The government is devising strategies to avoid [[Dutch disease]] as billions of dollars enter the country.{{Citation needed|date=December 2022}}
{{As of|2010|8}}, Colombia has a budget deficit of 3.6%. The inflation rate is 2.6% and external debt a modest 47% of [[gross domestic product]].<ref>{{cite web |url=http://www.dailymarkets.com/economy/2010/08/03/civets-the-next-big-emerging-markets/ |title=CIVETS |publisher=Dailymarkets.com |access-date=28 June 2012 |archive-url=https://web.archive.org/web/20120430230057/http://www.dailymarkets.com/economy/2010/08/03/civets-the-next-big-emerging-markets/ |archive-date=30 April 2012 |url-status=dead }}</ref> Foreign investment is leading to noticeable improvements in infrastructure.{{Citation needed|date=December 2022}}
Today, Colombia's diversified economy is the third largest in Latin America, with macroeconomic stability and favorable long-term growth prospects.<ref name="strongmacroeconomicmanagement">{{cite web|url= http://www.imf.org/en/news/articles/2018/04/30/pr18154-imf-executive-board-concludes-2018-article-iv-consultation-with-colombia |title = IMF Executive Board Concludes 2018 Article IV Consultation with Colombia |access-date = 2 May 2018|publisher = imf.org}}</ref>
===Indonesia===
Indonesia is a member of [[ASEAN]]. After emerging as the third-fastest-growing member of the G20 in 2009, Indonesia has been a strong performer. Like China and India, it is expanding rapidly. Investment growth in 2009 was boosted by infrastructure spending and high commodity prices.{{Citation needed|date=December 2022}}
The population of Indonesia is 243 million and it had a GDP of $834 billion in 2011.{{Citation needed|date=December 2022}} The budget deficit is 2.2% of GDP, and the current account is in surplus as of 2019.<ref>{{cite web|url=http://www.europeanbusiness.gr/page.asp?pid=829 |access-date=29 October 2010|title=ΟΙ ΑΠΟΡΙΕΣ ΤΟΥ ΣΤΕΦΑΝΟΥ ΜΑΝΟΥ|work=European Business Review|language=el}}</ref><ref>{{Cite news|date=6 January 2021|title=Indonesia's 2020 fiscal deficit seen at 6.09% of GDP – finance minister|work=Reuters|url=https://www.reuters.com/article/indonesia-economy-idUSJ9N2FT01Y|access-date=23 March 2021}}</ref>
===Vietnam===
Vietnam is a member of ASEAN. After the death of its leader [[Lê Duẩn]] in 1986, Vietnam began making the transition from a planned economy to a [[socialist-oriented market economy]] after suffering an inflation rate of 700% and a stagnant economy.<ref>{{cite news|author=Bill Hayton |url=http://news.bbc.co.uk/hi/spanish/business/newsid_5308000/5308298.stm |title=BBC Mundo - Vietnam: ¿comunista o consumista? |work=BBC News |date= 2 September 2006|access-date=28 June 2012}}</ref> The Communist Party launched a broad economic reform package called [[Doi Moi]] ("renewal"), with similarities to the Chinese model (economic openness mixed with communist politics) and achieving similar results. Between 1990 and 1997, Vietnam's economy grew at 8% per annum, with similar results in the following years.{{Citation needed|date=December 2022}}
Vietnam's rapid growth from the [[extreme poverty]] of 1986 has given rise to consumerist habits, especially among the new rich of Vietnam, opening the gap of social inequality and bringing inflation up to 12%, after it had recovered to 4%. However, Communist Party leaders are optimistic about maintaining the growth rate so that in 2020 it will be considered a [[newly industrialized country]].<ref>[http://es.noticias.yahoo.com/9/20110112/twl-los-comunistas-de-vietnam-buscaran-b-eae1567.html]{{Dead link|date=July 2012}}</ref>
===Egypt===
In September 2011, the [[World Bank]] predicted growth of just 1% for that year, compared with 5.2% in the previous year, but analysts expected Egypt to regain its growth trajectory once political stability returned. Egypt has many assets, including fast-growing ports on the [[Mediterranean]] and [[Red Sea]] linked by the [[Suez Canal]], a growing tourism network, and vast untapped [[natural gas]] reserves. Egypt's 82 million population has a median age of 25.<ref>{{cite news|last=Greenwood |first=John |url=https://www.wsj.com/articles/SB10001424053111904716604576546632573895382 |title=After BRICs, CIVETS? September 19, 2011 |publisher=Online.wsj.com |date=18 September 2011 |access-date=28 June 2012}}</ref>
===Turkey===
In 2011, Turkey had the world's [[List of countries by GDP (PPP)|15th largest GDP-PPP]]<ref name=WB-GDP-PPP>[http://databank.worldbank.org/databank/download/GDP_PPP.pdf The World Bank: World Development Indicators Database. ''Gross Domestic Product 2011, PPP.''] {{webarchive|url=https://web.archive.org/web/20121119084328/http://databank.worldbank.org/databank/download/GDP_PPP.pdf |date=19 November 2012 }} Last revised on 18 September 2012.</ref> and [[List of countries by GDP (nominal)|18th largest Nominal GDP]].<ref name=WB-GDP>[http://databank.worldbank.org/databank/download/GDP.pdf The World Bank: World Development Indicators Database. ''Gross Domestic Product 2011.''] {{webarchive|url=https://web.archive.org/web/20121027094940/http://databank.worldbank.org/databank/download/GDP.pdf |date=27 October 2012 }} Last revised on 18 September 2012.</ref> The country is a founding member of the [[OECD]] (1961) and the [[G20]] (1999). Since 31 December 1995, it has been part of the [[European Union Customs Union|EU Customs Union]]. Mean wages were $8.71 per hour in 2009. Turkey grew at an average rate of 7.5 percent between 2002 and 2006, faster than any other OECD country. Over the past 20 years, Turkey has made significant improvements in economic freedoms. It has expanded monetary freedom, freedom from corruption, and fiscal freedom; these advancements have, nevertheless, been undermined by Turkey's deteriorating property rights and financial freedom.<ref>{{cite web|url=http://www.heritage.org/index/country/turkey|title=Turkey Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption|website=www.heritage.org}}</ref>
According to a survey by [[Forbes]] magazine, [[Istanbul]], Turkey's financial capital, had a total of 28 billionaires as of March 2010 (down from 34 in 2008<ref>{{cite web|url=https://www.forbes.com/2008/04/30/billionaires-london-moscow-biz-billies-cz_cv_0430billiecities_slide_8.html|title=In Pictures: The Top 10 Cities For Billionaires|first=Chaniga |last=Vorasarun|website=[[Forbes]]}}</ref>), ranking fourth in the world behind [[New York City]] (60 billionaires), [[Moscow]] (50 billionaires), and [[London]] (32 billionaires).<ref>[https://www.forbes.com/forbes/2010/0329/billionaires-2010-hong-kong-new-york-london-cost-of-living-large.html Forbes Billionaires List, Cost Of Living] in ''Forbes Magazine'' article "Billionaires List, Cost Of Living". 29 March 2010.</ref> In 2012, Istanbul ranked 5th in the world with 30 billionaires, behind Moscow (78 billionaires), New York City (57 billionaires), London (39 billionaires), and [[Hong Kong]] (38 billionaires).<ref>{{cite web|url=https://www.forbes.com/sites/calebmelby/2012/03/16/moscow-beats-new-york-london-in-list-of-billionaire-cities/|title=Moscow Beats New York, London In List Of Billionaire Cities|first=Caleb|last=Melby|website=[[Forbes]]}}</ref><ref>{{cite web|url=https://www.forbes.com/pictures/eiif45edhh/1-moscow/#/pictures/eiif45edhh/5-istanbul/?&_suid=1352796944984008404127489559304|title=Moscow - pg.1|first=Caleb|last=Melby|website=Forbes}}</ref> Turkey's major cities and its [[Aegean Sea|Aegean]] coastline attract millions of visitors every year.
The [[CIA]] classifies Turkey as a developed country.<ref>[https://web.archive.org/web/20070613023714/https://www.cia.gov/library/publications/the-world-factbook/appendix/appendix-b.html Developed Countries], World Factbook, CIA.</ref> It is often classified as a [[newly industrialized country]] by economists and political scientists.<ref name=Limits>{{cite book|title=The Limits of Convergence|author=Mauro F. Guillén|author-link=Mauro F. Guillén|chapter=Multinationals, Ideology, and Organized Labor|pages=126 (Table 5.1)|publisher=Princeton University Press|year=2003|isbn=0-691-11633-4}}</ref><ref name=AIA>{{cite book|title=Geography, An Integrated Approach|author=David Waugh|chapter=Manufacturing industries (chapter 19), World development (chapter 22)|pages=563, 576–579, 633, and 640|publisher=Nelson Thornes Ltd.|year=2000|edition=3rd|isbn=0-17-444706-X}}</ref><ref name=Principles>{{cite book|title=Principles of Economics|author=N. Gregory Mankiw|year=2007|publisher=Cengage Learning |edition=4th|isbn=978-0-324-22472-6}}</ref>
==Economic data==
! Member
! Population<br />({{UN_Population|Year}}){{UN_Population|ref}}
! [[List of countries by GDP (nominal)|Nom. GDP (nom.)]]<br />$USD (2022 est.)<ref name="IMFoct22">{{cite news |title=Report for Selected Countries and Subjects |url=https://www.imf.org/en/Publications/WEO/weo-database/2022/October/weo-report?c=233,469,536,199,186,582,&s=NGDPD,PPPGDP,NGDPDPC,PPPPC,&sy=2020&ey=2027&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |access-date=6 November 2022 |work=IMF |date=1 October 2022 |language=en}}</ref>
! [[List of countries by GDP (PPP)|PPP GDP (PPP)]]<br />$USD (20222023 est.)<ref name="IMFoct22" />
! [[List of countries by GDP (nominal) per capita|Nom. GDP (nom.) per capita]]<br />$USD (20222023 est.)<ref name="IMFoct22" />
! [[List of countries by GDP (PPP) per capita|PPP GDP (PPP) per capita]]<br />$USD (20222023 est.)<ref name="IMFoct22" />
! [[List of countries by real GDP growth rate|real GDP growth]]<br />(2021)<ref name="IMFapr2022">{{cite news |title=Report for Selected Countries and Subjects |url=https://www.imf.org/en/Publications/WEO/weo-database/2022/April/weo-report?c=233,469,536,199,186,582,&s=NGDP_RPCH,GGXWDN_NGDP,&sy=2020&ey=2027&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |access-date=6 November 2022 |work=IMF |date=3 April 2022}}</ref>
! Debt-to-GDP<br />% (2022 est.)<ref name="IMFapr2022" />
| '''{{flag|Colombia}}'''
| style="text-align: right;" | {{UN_Population|Colombia}}
| style="text-align: right;" | 342361.919941
| style="text-align: right;" | 9641,020.743853
| style="text-align: right;" | 6,644939
| style="text-align: right;" | 1819,693572
| style="text-align: right;" | {{increase}}10.6%
| style="text-align: right;" | 55.1%
| '''{{flag|Indonesia}}'''
| style="text-align: right;" | {{UN_Population|Indonesia}}
| style="text-align: right;" | 1,289388.429683
| style="text-align: right;" | 4,023373.501897
| style="text-align: right;" | 45,691005
| style="text-align: right;" | 1415,638765
| style="text-align: right;" | {{increase}}3.7%
| style="text-align: right;" | 39.7%
| '''{{flag|Vietnam}}'''
| style="text-align: right;" | {{UN_Population|Vietnam}}
| style="text-align: right;" | 413469.808620
| style="text-align: right;" | 1,299428.690952
| style="text-align: right;" | 4,162682
| style="text-align: right;" | 1314,074248
| style="text-align: right;" | {{increase}}2.5%
| style="text-align: right;" | 41.3%
| '''{{flag|Egypt}}'''
| style="text-align: right;" | {{UN_Population|Egypt}}
| style="text-align: right;" | 469471.094364
| style="text-align: right;" | 1,661796.955625
| style="text-align: right;" | 4,504437
| style="text-align: right;" | 1516,958913
| style="text-align: right;" | {{increase}}3.3%
| style="text-align: right;" | 89.1%
| '''{{flag|Turkey}}'''
| style="text-align: right;" | {{UN_Population|Turkey}}
| style="text-align: right;" | 853941.487551
| style="text-align: right;" | 3,320543.994497
| style="text-align: right;" | 910,961863
| style="text-align: right;" | 3840,759882
| style="text-align: right;" | {{increase}}10.9%
| style="text-align: right;" | 38.7%
| '''{{flag|South Africa}}'''
| style="text-align: right;" | {{UN_Population|South Africa}}
| style="text-align: right;" | 411422.480336
| style="text-align: right;" | 949994.846511
| style="text-align: right;" | 6,738812
| style="text-align: right;" | 1516,555042
| style="text-align: right;" | {{increase}}4.9%
| style="text-align: right;" | 66.9%
==Challenges and criticisms==
All CIVETS members share similar challenges to sustained economic growth, including [[unemployment]], [[corruption]], [[Economic inequality|inequality]], and susceptibility to market volatility.<ref name=":1" /> The grouping has also been criticized for lacking economic rigor, serving as a "marketing ploy" intended to assuage investors' reluctance to invest in less developed or stable economies.<ref name=":3" /> Richard Titherington, chief investment officer of emerging equities at [[J. P. Morgan Asset Management|JP Morgan Chase]], dismissed the concept of acronym investments generally, noting that many countries that are grouped together have little in common.<ref name=":4" /> Detractors claim that such groupings "do not take into account different stages of development of the countries involved and risk sidelining other promising markets."<ref name=":4" />
In 2013, HSBC closed its CIVETS fund, which was identified by some analysts as indicative of the grouping's underperformance.<ref name=":4" />
==See also==
* [[EmergingPIGS markets(economics)]]
* [[List of country groupings]]
* [[List of multilateral free-trade agreements]]
* [[VISTA (economics)|VISTA]]
* [[MINT (economics)|MINT]]
==References==
{{DEFAULTSORT:Civets}}
[[Category:2000s in economic history]]
[[Category:Economic country classifications]]
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