An Assessment on the Macroeconomic Performance and the Insurance Sector Development of the Mint Economies

BRIC economies, which have distinguished themselves among developing economies with their growth performance since 2000s, haven’t been able to deliver the same performance in the recent years. The decline in the growth performance of BRIC economies has led to the emergence of the definition of MINT economies. The economic performance that MINT economies have delivered recently and the fact that they have a significant demographic opportunity for the forthcoming two decades are considered to be the main reasons for this distinction. The purpose of this study is to present the macroeconomic performance of the MINT economies with regards to the averages of the period 2008- 2016. A macroeconomic performance index was created for this purpose by utilizing five indicators (growth rate, inflation rate, unemployment rate, current account balance/GDP and budget balance/GDP). According to the results obtained from the averages of the period 2008-2016, the country with the best macroeconomic performance was Indonesia with 98.8 index value. If MINT economies utilize their current potential well and find solutions to the structural problems of their economies, it is considered that they are likely to be among the most important actors of the global economy. The condition of the insurance sector in the MINT economies was also evaluated comparatively by utilizing six criteria (total premium production, life premium production, non-life premium production, per capita premium production, premium production to GDP ratio and the share in the world insurance market). The insurance industry within the MINT economies, especially in Nigeria, is not making any progress. On the other hand, the fact that the insurance sector in the MINT economies is not sufficiently developed indicates a great potential for the future.