Acronym used to describe the U.S., Europe, the U.K. and Japan: “Heavily Indebted Industrialized Countries.”
published on: Schott's Vocab
In The Wall Street Journal, Kelly Evans revealed a new acronym indicative of changing “global economic fortunes” – HIICs:
That is shorthand for the U.S., Europe, the U.K. and Japan, or, as HSBC currency strategists are calling them, “heavily indebted industrialized countries,” or HIICs. They are displaying the kinds of investment risks traditionally associated with global backwaters. “Developed markets are basically behaving like emerging ones,” says HSBC’s Richard Yetsenga. And emerging markets are quickly becoming more developed.
Sensing and perhaps fueling the shift, investors have this year yanked some $36 billion from stock-market funds investing in HIICs, according to research firm EPFR Global, and stuffed $45 billion into emerging-market funds. Who can blame them? The “BRICs” of Brazil, Russia, India and China are “where the population growth is, where the raw materials are, and where the economic growth is,” says Michael Penn, global equity strategist at Bank of America Merrill Lynch.