Newly industrialized country
The category of newly industrialized country, newly industrialized economy or middle-income country 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 that of other developing countries; and where the social consequences of industrialization, such as urbanization, are reorganizing society.
Definition
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. Another characterization of NICs is that of countries undergoing rapid economic growth. Incipient or ongoing industrialization is an important indicator of an NIC.Characteristics of newly industrialized countries
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
The term came into use around 1970, when the Four Asian Tigers 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 as Canada, Japan, Israel, 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 and U.S. Central Intelligence Agency. All of the Four Asian Tigers, like Western European countries, have a Human Development Index considered "very high" by the United Nations.
Current
The table below presents the list of countries ranked by NICs by different authors and experts. Turkey and South Africa were classified among the world's 34 developed countries by the CIA World Factbook in 2008. 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.Note: Green-colored cells indicate highest value or best performance in index, while yellow-colored cells indicate the opposite.
| Country | GDP | GDP per capita | GDP | GDP per capita | Income inequality | Human Development Index | Real GDP growth rate | ||
 South AfricaOtherAuthors set lists of countries accordingly to different methods of economic analysis. Sometimes a work ascribes NIC status to a country that other authors do not consider a NIC. This is the case of countries such as Brunei, Mongolia and Vietnam.
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Brunei