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Newly Industrializing EconomyThe term "Newly Industrializing Economy", originated by the Organization for Economic Cooperation and Development (OECD), describes nations of the Third World that have enjoyed rapid economic growth and can be described as "middle-income" countries. The term was first applied to Hong Kong, Singapore, South Korea, and Taiwan, but it is often extended to other countries. Also known as NIC (Newly Industrialized Countries.)
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