Newly industrialized countries (NICs) are a group of developing countries that have experienced a qualitative leap in socio-economic indicators over the past decades. The economies of these countries in a short time made the transition from the backward, typical for developing countries, to the highly developed, with all the inherent features of the latter.
The basis of economic development is only industrial progress. Newly industrialized countries (NICs) since their appearance on the world market have won the interest of economists. These countries, once peripheral economies, have achieved amazing results in their development over several decades, catching up with the most developed countries in terms of GDP per capita, average share of manufacturing in GDP, direct investment abroad and other indicators.
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