Just when we were getting used to the concept of the ‘BRIC’ economies (Brazil, Russia, India and China), this morning’s Financial Times reports that Jim O’Neill, the man who coined the phrase, has argued that the economies of Mexico, Korea, Indonesia and Turkey should be added to the list of what he calls ‘growth markets’. O’Neill, until four months ago chief economist at Goldman Sachs, argued that the term ’emerging markets’ (a term coined 30 years ago by a World Bank economist, Antoine van Agtmael, and until now what the four newcomers have been called) is no longer appropriate. ‘Any economy from the emerging markets that is already 1 per cent of global GDP or more, and has the potential for that to rise, has the ability to be taken seriously,’ says O’Neill. Mexico and South Koreau currently account for 1.6 per cent of global GDP in nominal terms, with Turkey and Indonesia worth 1.2 and 1.1 respectively. So; say goodbye to the BRIC economies and say hallo to the BRICKTIM economies – and remember that you read the acronym here first!