Newly industrialized country

A newly industrialized country (NIC) is a country that moves from having a less developed economy to a more advanced economy. This usually means that the production and use of technology, such as computers and robots, start to be used in different ways to help produce goods and services for people to buy and use. NICs tend to have a higher rate of economic growth and higher incomes levels than less industrialized countries. This is because people in NICs have jobs in industries like manufacturing, finance, and technology that pay higher wages and make more money than jobs in other areas like farming.