What is Newly Industrialized Country?

A Newly Industrialized Country (NIC) is a term used mainly within political science and economics to describe a country with rapid industrial and economic growth that has not grown to the extent of those that are classified as first-world countries. Typically these countries have recently undergone an industrial revolution and resources (for example money, people, etc.) are shifting away from a largely agriculture-based economy to a far more industrialized or urban economy. This trend or model is evident in countries such as Hong Kong, Malaysia, and India, and is also significantly still underway in China, despite its already being the second biggest economy in the world.