BRIC? BIIC?

Nouriel Roubini questions whether Russia is solid enough to be a BRIC. I have to admit, I've had the same reservation (not that anyone noticed/cared.)

He makes an case for a number of other countries that should be included in the most famous acronym in the emerging markets; Turkey, Mexico and so on. All good choices, Turkey especially.

He also makes this point:
Indonesia, moreover, has shown resilience not only economically, but also as a nation. In spite of its diverse ethnic makeup and far-flung island territory, the country has made a quick transition from military dictatorship and has recovered from myriad challenges and setbacks, including the 1997 Asian financial crisis, the tsunami in 2004, the emergence of radical Islam, and domestic unrest. While Indonesia’s per capita GDP remains low, it is a country’s potential that matters in economic affairs, and here Indonesia shines.

I couldn't agree more.