"BRIC father" O'Neill: "It's pathetic to call Turkey an emerging market"

The growing economic power of such countries as Turkey means we have to rethink their place in the world, Goldman Sachs Asset Management Chairman Jim O'Neill told Britain's Financial Times yesterday. "It's just pathetic to call Mexico, Turkey, South Korea and Indonesia emerging markets," said O'Neill, who coined the term BRICs (Brazil, Russia, Indonesia, Russia) for emerging powerhouse economies. Adding that the term "emerging market" should be redefined, he said, "Any economy that has already 1 percent of global gross domestic product or more has the ability to be taken seriously."