Newly industrialized country (NIC)

The category of newly industrialized country (NIC) is a socioeconomic classification applied to several countries around the world by political scientists and economists.

NICs usually share some other common features, including:

• Strong political leaders.
• A switch from agricultural to industrial economies, especially in the manufacturing sector.
• An increasingly open-market economy, allowing free trade with other countries in the world.
• Large national corporations operating in several continents.
• Strong capital investment from foreign countries.
• Political leadership in their area of influence.
• Rapid growth of urban centers and population.