SSC MTS EXAM

Detailed explanation-1: -newly industrialized country (NIC), country whose national economy has transitioned from being primarily based in agriculture to being primarily based in goods-producing industries, such as manufacturing, construction, and mining, during the late 20th and early 21st centuries.

Detailed explanation-2: -Because of this economic growth, NICs can take out large loans from industrialized countries to help fund further expansion and build much-needed infrastructure. The nine countries that are currently classified as NICs are China, India, the Philippines, Thailand, Malaysia, Turkey, South Africa, Brazil, and Mexico.

Detailed explanation-3: -A developed country-also called an industrialized country-has a mature and sophisticated economy, usually measured by gross domestic product (GDP) and/or average income per resident. Developed countries have advanced technological infrastructure and have diverse industrial and service sectors.

Detailed explanation-4: -Some common attributes seen in NICs include increased economic freedoms, increased personal liberties, a transition from agriculture to manufacturing, the presence of large national corporations, strong foreign direct investment, and rapid growth in urban centers.