( CNN ) -- 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 politician Mohamed 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 . Bowler told CNN : `` Turkey is an exciting emerging market and Colombia will continue to do well over the coming decade with good demographics and rich , diverse resources even though it has had problems with militia . '' One other country that may take the world by surprise is Myanmar , also known as Burma . The IMF is forecasting rapid growth of 6.3 % this year for Myanmar , as the country emerges from decades of military repression . Bowler said that Myanmar , despite the recent unrest , will attract a large amount of foreign investment and is rich in gem stone and base metal resources . But Goldman Sachs economist Jim O'Neill , the man who coined the BRICS term in 2001 , said any club including China is going to be very difficult to match . He said the world 's second-largest economy , in tandem with India , Russia , Brazil and South Africa , is still the big story for at least the next 10 years . O'Neill added : `` China creates another Cyprus every week , creates another South Africa every four months , has created another India in the past two years ... by the end of the decade the BRICS will have at least 25 % of global GDP . '' Leaders of the five economic powerhouses are in South Africa to thrash out a deal on a BRICS development bank , which will fund infrastructure ventures in developing nations ; a venture that could be `` hugely significant '' for Africa , according to O'Neill . China , in particular , is seeking to increase its investments in the resource-rich continent . This week , newly installed President Xi Jinping made his first state visit to Africa , signing a $ 10 billion agreement to build a major port and industrial hub in Tanzania . `` It [ the bank ] is effectively going to replace what the World Bank 's purpose has been for the BRIC countries and their friends , '' said O'Neill . O'Neill , who is set to step down from his role at Goldman Sachs later this year , forecasts that by 2035 the BRIC nations will be as big as the leading industrialized nations of the G7 .
EIU 's John Bowler sees Indonesia and Myanmar as burgeoning economies . Goldman Sachs ' O'Neill said any club including China is going to be very difficult to match . BRICS leaders meet in South Africa to make deal on development bank .