As leaders of Brazil, Russia, India, China and South Africa convene in Durban, the term "BRICS" used to describe these rapidly growing economies is so last year; today everyone is talking about the "CIVETS."
Made up of Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa -- these nations, some with sizable populations and others with a wealth of natural resources, could be the economic boomers of the next decade, according to John Bowler, director of Country Risk Service at the Economist Intelligence Unit.
Although unlikely to rival the economic might of India and China or the resources of Russia and Brazil, this motley crew of emerging markets make the CIVETS the next band of countries to profit from a shift in global power.
Bowler highlights oil-rich Indonesia as a growth story for the next decade in particular. With low levels of public debt and a population of more than 200 million people, the Southeast Asian nation posted growth of 6% in 2012, at a time when economic giants such as China and India slowed.
"Indonesia is a low-cost location so it's attracting investment that would have previously gone into China but because of wage demands that investment is going into Indonesia," he said.
Bowler also noted that Egypt has high growth potential despite trying to secure a critical $4.8 billion loan from the International Monetary Fund.
The country is mired in political turmoil following the outbreak of the Arab Spring two years ago, with Egyptian opposition politicianMohamed ElBaradei labelling the North African nation a "failed state" as the country remains divided over controversial President Mohamed Morsy.
"Eventually Egypt will modernize and follow the kind of path that Turkey has in reconciling its issues in society," Bowler added.
Other members of the CIVETS -- Colombia, Turkey and Vietnam -- all saw growth of more than 3% for 2012, according to IMF data, well above the U.S., U.K., Germany and the debt-ridden "PIGS" of Europe; Portugal, Ireland, Greece and Spain.
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