The category of newly industrialized country (NIC) is a socioeconomic classification applied to several countries around the world by political scientists and economists. NICs are countries whose economies have not yet reached Developed Country status but have, in a macroeconomic sense, outpaced their developing counterparts. Another characterization of NICs is that of nations undergoing rapid economic growth. Incipient or ongoing industrialization is an important indicator of a NIC.
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