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      • The Philippines is primarily considered a newly industrialized country, which has an economy in transition from one based on agriculture to one based more on services and manufacturing. As of 2021, GDP by purchasing power parity was estimated to be at $1.47 trillion, the 18th in the world.
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    What is a newly industrialized country?

    What are the Asian newly industrialized economies (Nie's)?

    What are the characteristics of the newly industrialized economies?

    What are the characteristics of Asian economy?

  2. 13 Although the newly industrialised Asian economies, their societies and cultures are unquestionably as unique as those of any other country in this pluralistic world, they contain many more components comparable to one or the other Asian or "Western" economy, society or culture than is generally assumed even by representatives of the general ...

    • Michèle Schmiegelow
    • 4
    • 1992
    • What Is A Newly Industrialized country?
    • Understanding Newly Industrialized Country
    • Transition Signs from Third World to Newly Industrialized Country
    • Relations Between Nics and Highly Developed Nations
    • Real-World Example

    A newly industrialized country (NIC) is a term used by political scientists and economiststo describe a country whose level of economic development ranks it somewhere between developing and highly developed classifications. These countries have moved away from an agriculture-based economy and into a more industrialized, urban economy. Experts also know them as "newly industrializing economies" or "advanced developing countries."

    In the 1970s and 1980s, examples of newly industrialized countries included Hong Kong, South Korea, Singapore, and Taiwan. Examples in the late 2000s included South Africa, Mexico, Brazil, China, India, Malaysia, the Philippines, Thailand, and Turkey. Economists and political scientists sometimes disagree over the classification of these countries. A NIC is part of a socioeconomicclass that has recently made advances in industrialization. Greater economic stability within the nation accompanies this economic shift although this process of stabilization may be incomplete or in a stage of infancy.

    A primary indication of a country's transition to a NIC is substantial growth in the gross domestic product(GDP), even if it falls behind developed nations. Often, increases in average income and the standard of living are markers of the transition from a developing country to a NIC. Government structures are usually more stable with lower levels of corruption and less violent shifts of power between officials. Though the changes are significant, outpacing those of similar developing nations, they often lack the standards set by most developed countries.

    Developed countries may see opportunities in the growing stability of a newly industrialized country. These opportunities could lead to additional outsourcingby companies to facilities within NICs. These movements may lower labor costs for outsourcing companies with less risk compared to outsourcing to less stable nations. While this can increase the strength of the labor force within the NIC, complications can occur with the increased demand because the government may not have fully established laws and regulations in surrounding industries.

    Since there is no exact qualification or definition for a NIC, the list of existing NICs is open to some debate. Based on the shift among economies from agricultural development to more industrial pursuits and recent improvements in average standards of living, economies that experts typically include as NICs are China (specifically Hong Kong), India, Singapore, Taiwan, and Turkey. Others may include Brazil, Mexico, South Africa, and Thailand. In a 2014 United Nations report called the World Economic Situations and Prospects, states that all nations are categorized into one of three classifications for analytical reasons. These categories are developed economies, economies in transition, and developing economies.

  3. Dec 02, 2021 · Thailand itself is a newly industrialized country, with a GDP of 16.316 trillion baht (US$505 billion) in 2018, the 8th largest economy of Asia, according to the World Bank. Is Indonesia newly industrialized? The economy of Indonesia is the largest in Southeast Asia and is one of the emerging market economies of the world.

  4. The category of newly industrialized country ( NIC ), newly industrialized economy ( NIE) 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 other developing ...

  5. Dec 12, 2021 · The Philippines is primarily considered a newly industrialized country, which has an economy transitioning from one based on agriculture to one based more on services and manufacturing. As of 2019, GDP by purchasing power parity was estimated to be at $1,025.758 billion.

    • Brazil
    • 1.11%
    • $1.87 Tn
    • $8,968
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