Newly Industrialized Country - NIC
Definition of 'Newly Industrialized Country - NIC'
A term used by political scientists and economists to describe a country whose level of economic development ranks it somewhere between the developing and first-world classifications. These countries have moved away from an agriculture-based economy and into a more industrialized, urban economy.
Also known as "newly industrializing economies" or "advanced developing countries."
Investopedia explains 'Newly Industrialized Country - NIC'
In the 1970s and 1980s, examples of newly industrialized countries included Hong Kong, South Korea, Singapore and Taiwan. Examples in the late 2000s included South Africa, Mexico, Brazil, China, India, Malaysia, the Philippines, Thailand and Turkey. Economists and political scientists sometimes disagree over the classification of these countries.