Newly Industrialized Nations

ST1976

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Newly Industrialized Country (NIC)

The term newly industrialized country (NIC) refers to a subcategory of countries that are still developing but show greater economic growth compared to other developing countries. The NIC countries are continuously evolving and growing through industrialization and urbanization.

Summary
  • The term newly industrialized country (NIC) refers to a subcategory of countries that are still developing but show greater economic growth compared to other developing countries.
  • The NIC concept became widely recognized in the 1970s. During these years, Asian countries – also known as the “Four Asian Tigers” – Singapore, Hong Kong, South Korea, and Taiwan dominated in terms of economic prosperity and technological innovation.
  • NICs typically aim to export their production to other developing countries. This ability is due to comparatively lower input costs such as labor cos
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Brief History and Background of NICs


The NIC concept became widely recognized in the 1970s. During the period, Asian countries – also known as the “Four Asian Tigers” – Singapore, Hong Kong, South Korea, and Taiwan, dominated in economic prosperity and technological innovation. The four countries showed great industrial growth since the 1960s and are now industrialized countries with high-income economies.

The “Asian Tigers” and countries that are now considered NICs show clear dissimilarities that can be attributed to a mixture of a high gross national income per capita, sound export-oriented economic policies, and transparent political processes.
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Characteristics of NICs


NICs typically receive investment capital from foreign developed countries. The capital is attracted to the country’s comparatively lower labor costs, land, or other inputs. It is largely invested in establishing production facilities for speedy productivity growth and industrialization.

NICs tend to achieve a large sum of capital and investments. It is mainly financed from a high inclination to export machinery, consumables, and domestic savings. NICs typically experience speedy productivity growth and industrialization.

Governments of NICs tend to control their industrialization and encourage manufacturing industries to export their products. Profits generated through exports
are normally reinvested into the domestic economy.

The practice brings great socio-economic benefits, including the growth of businesses and an increase in salaries and wages. The increment in salaries and wages encourages consumer spending, and the workforce can support local businesses for goods and services. It is known as the multiplier effect.

Newly Industrialized Country (NIC) - Overview, History (corporatefinanceinstitute.com)
Newly Industrialized Country (NIC) - Overview, History (corporatefinanceinstitute.com)
 

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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.

Note: Green-colored cells indicate highest value or best performance in index, while yellow-colored cells indicate the opposite.


CountryRegionGDP (nominal) (Millions of USD, 2023 IMF)[10]GDP per capita (nominal)
(USD, 2023 IMF)[10]
GDP (PPP) (Millions of current Int$, 2023 IMF)[10]GDP per capita (PPP)
(current Int$, 2023 IMF)[10]
Income inequality (GINI) 2011–19[11][12][13]Human Development Index (HDI, 2021)[14]hideReal GDP growth rate as of 2022[15]
23px-Flag_of_South_Africa.svg.png
South Africa
Africa380,9066,485990,03016,09164 (2018)0.713 (high)1.1
22px-Flag_of_Brazil.svg.png
Brazil
Latin America2,126,80910,4124,020,38118,68644.9 (2019)0.754 (high)1.0
23px-Flag_of_Mexico.svg.png
Mexico
1,811,46812,6743,125,90223,82041.8 (2019)0.758 (high)1.2
23px-Flag_of_the_People%27s_Republic_of_China.svg.png
China
Asia-Pacific17,700,89913,72133,014,99823,38238.5 (2016)0.768 (high)4.4
23px-Flag_of_India.svg.png
India
3,732,2242,61213,12,44310,47535.3 (2018)0.633 (medium)6.4
435,6753,9051,289,28111,42042.3 (2019)0.699 (medium)5.7
430,89513,3821,230,82336,84741.1 (2019)0.803 (very high)4.4
1,417,3875,1084,398,72915,85538.2 (2018)0.705 (high)5.0
512,1938,1821,591,40222,67534.9 (2019)0.800 (very high)3.7
23px-Flag_of_Turkey.svg.png
Turkey
Eurasia1,154,60011,9323,572,55141,41241.9 (2019)0.838 (very high)3.0
For China and India, the immense population of these two countries (each with over 1.3 billion people as of May 2021) means that per capita income will remain low even if either economy surpasses that of the United States in overall GDP. When GDP per capita is calculated according to purchasing power parity (PPP), this takes into account the lower costs of living in each newly industrialized country. GDP per capita typically is an indicator for living standards in a given country as well.[16]

Brazil, China, India, Mexico and South Africa meet annually with the G8 countries to discuss financial topics and climate change, due to their economic importance in today's global market and environmental impact, in a group known as G8+5.

 

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India’s ultra wealthy population to grow by 58.4% in next five years, Knight Frank


India’s ultra-high-net-worth individuals (UHNWI) with net worth over $30 million is estimated to rise by 58.4% in the next five years to 19,119 individuals in 2027 from 12,069 in 2022. India’s billionaire population is expected to move up to 195 individuals in 2027 from 161 individuals in 2022, showed a Knight Frank India report.

Knight Frank India: India’s ultra wealthy population to grow by 58.4% in next five years, Knight Frank - The Economic Times (indiatimes.com)
 

ST1976

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How the middle class will play the hero in India's rise as world power

The middle class is the fastest-growing major segment of the Indian population in both percentage and absolute terms, rising at 6.3 percent per year between 1995 and 2021. It now represents 31 percent of the population and is expected to be 38 percent by 2031 and 60 percent in 2047. More than one billion Indians will make up the middle-class when India will turn 100. These are the figures from PRICE ICE 3600 surveys based on primary data.

middle class: How the middle class will play the hero in India's rise as world power - The Economic Times (indiatimes.com)
 

Nilgiri

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How the middle class will play the hero in India's rise as world power

The middle class is the fastest-growing major segment of the Indian population in both percentage and absolute terms, rising at 6.3 percent per year between 1995 and 2021. It now represents 31 percent of the population and is expected to be 38 percent by 2031 and 60 percent in 2047. More than one billion Indians will make up the middle-class when India will turn 100. These are the figures from PRICE ICE 3600 surveys based on primary data.

middle class: How the middle class will play the hero in India's rise as world power - The Economic Times (indiatimes.com)

Hey new member, there is also an Indian economy thread here you might be interested in updating over time, you might get more conversation in that one by doing so.


Hope you spread message of this forum for folks interested in civil professional discussion under sound consistent moderation. Thanks.
 

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