Should it matter that Goldman Sachs is playing around once more with its terminology for emerging markets? No. But Goldman’s attempt to get its clients to start talking about “growth markets”, particularly the quartet of Mexico, Indonesia, Korea and Turkey (Mikt), will affect markets. The risk is that it will distort them.
Emerging market investing has always been about branding. The term was born out of the World Bank’s attempt to rebrand what were then called ‘lesser developed countries’. When Goldman’s Jim
O’Neill first referred to Brics (Brazil, Russia, India and China) in November 2001, he did not propose a strategy for investing in the disparate quartet. But the acronym, and Goldman’s backing, had an impact.
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