Comparative Macroeconomic Analysis Of Civets Countries

The economic and political changes witnessed in various aspects across the world have led to the questioning of the country classification systems provided by international organizations, such as World Bank, Organisation for Economic Co-operation and Development and United Nations, and brought along new country groupings. In 2001, the chief economist of Goldman Sachs, Jim O’Neill researched the progress of macroeconomic indicators of several countries and concluded that some developing countries have similar economic indicators. He classified this group of countries as BRIC (Brazil, Russia, India and China). This classification produced the view that different country classification systems other than the classifications that constitute prominent international organizations, such as World Bank, Organisation for Economic Co-operation and Development and United Nations, can be acceptable in the literature. One of these groupings is CIVETS. Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa, which are included in the CIVETS grouping, were identified as so by Michael Geoghegan, who was the CEO of HSBC, in 2010. Geoghegan argued that these countries are similar in many ways, including the demographic structure. In this context, the aim of this study is to question whether CIVETS countries are similar in terms of macro indicators (especially macroeconomic indicators). CIVETS countries have a homogenous appearance considering the average age weight and population growth rate. In other words, CIVETS countries are thought to have a homogeneous outlook within the framework of their diverse dynamic structures. From this point of view, it can be said that the CIVETS group does not optimally benefit from their manpower, which is the potential source of economic growth.

Keywords

New Acronymic Country Groupings, CIVET Countries, Macroeconomic Indicators