One may refer to a territory as “industrialized” as long as it has established industries. This comprises companies in the tech and industrial sectors and others that contribute to the region’s economic well-being.
The phrase “Newly Industrialized Country” (NIC) refers to a country that has recently undergone industrialization.
Economists and political scientists coined this phrase to designate nations with economic progress between that of the developed and developing worlds.
NIC countries are characterized by fast economic development fueled by exports and a movement of people from rural to urban areas.
There are now just a few countries that fall under the NIC umbrella. Brazil, China, India, Indonesia, Malaysia, Mexico, the Philippines, South Africa, Thailand, and Turkey are some countries on this list. They all have a population of more than a billion people.
NICs, according to the majority of economists and political scientists. Argentina, Russia, Chile, Sri Lanka, and Egypt are among the countries that are still up for discussion.
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