The category of
newly industrialized country (
NIC),
newly industrialized economy (
NIE)
[1] or
middle income country[2] is a
socioeconomic classification applied to several countries around the world by
political scientists and
economists. They represent a subset of
developing countries whose economic growth is much higher than other developing countries; and where the social consequences of
industrialization, such as
urbanization, are reorganizing society.
Definition[edit]
NICs are countries whose economies have not yet reached a
developed country's status but have, in a macroeconomic sense, outpaced their developing counterparts. Such countries are still considered developing nations and only differ from other developing nations in the rate at which an NIC's growth is much higher over a shorter allotted time period compared to other developing nations.
[3] Another characterization of NICs is that of countries undergoing rapid
economic growth (usually
export-oriented).
[4] Incipient or ongoing
industrialization is an important indicator of an NIC.
Characteristics of newly industrialized countries[edit]
Newly industrialized countries can bring about an increase of stabilization in a country's social and economic status, allowing the people living in these nations to begin to experience better living conditions and better lifestyles. Another characteristic that appears in newly industrialized countries is the further development in government structures, such as democracy, the rule of law, and less corruption. Other such examples of a better lifestyle people living in such countries can experience are better transportation, electricity, and better access to water, compared to other developing countries and low infant mortality rate.
Historical context[edit]
The term came into use around 1970, when the
Four Asian Tigers[5] of
Taiwan,
Singapore,
Hong Kong and
South Korea rose to become globally competitive in science, technological innovation and economic prosperity as well as NICs in the 1970s and 1980s, with exceptionally fast industrial growth since the 1960s; all four countries having since graduated into high-tech
industrialized developed countries with
wealthy high-income economies. There is a clear distinction between these countries and the countries now considered NICs. In particular, the combination of an open political process, high
GNI per capita, and a thriving, export-oriented economic policy has shown that these
East Asian economic tiger countries have roughly come to a match with
developed countries as those of
Western Europe as well
Canada,
Japan,
Australia,
New Zealand and the
United States.
All four countries are classified as
high-income economies by the
World Bank and
developed countries by the
International Monetary Fund (IMF) and U.S.
Central Intelligence Agency (CIA). All of the
Four Asian Tigers, like
Western European countries, have a
Human Development Index considered "very high" by the
United Nations.
Current[edit]
The table below presents the list of countries consistently considered NICs by different authors and experts.
[6][7][8][9] Turkey and
South Africa were classified among the world's 34 developed countries (DCs) by the
CIA World Factbook in 2008.
[1] Turkey became a founding member of the
OECD in 1961 and
Mexico joined in 1994.
The G8+5 group is composed of the original G8 members in addition to China, India, Mexico, South Africa and Brazil. The members of the G20 include Brazil, China, India, Indonesia, Mexico, South Africa and Turkey. 
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