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    Economic Development. MODULE 3

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    The document defines Newly Industrialized Countries (NICs) as developing countries experiencing rapid economic growth and industrialization. It provides a table listing the main NICs, including the "Four Asian Tigers" of Singapore, Hong Kong, South Korea, and Taiwan which dominated economically in the 1970s. The document notes that while China and India have large total GDPs due to their huge populations, their per capita incomes remain relatively low.

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    Economic Development. MODULE 3

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    ddddddaaaaeeee
    70 views1 page
    The document defines Newly Industrialized Countries (NICs) as developing countries experiencing rapid economic growth and industrialization. It provides a table listing the main NICs, including the "Four Asian Tigers" of Singapore, Hong Kong, South Korea, and Taiwan which dominated economically in the 1970s. The document notes that while China and India have large total GDPs due to their huge populations, their per capita incomes remain relatively low.

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    Economic development. MODULE 3

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    The document defines Newly Industrialized Countries (NICs) as developing countries experiencing rapid economic growth and industrialization. It provides a table listing the main NICs, including the "Four Asian Tigers" of Singapore, Hong Kong, South Korea, and Taiwan which dominated economically in the 1970s. The document notes that while China and India have large total GDPs due to their huge populations, their per capita incomes remain relatively low.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    70 views1 page

    Economic Development. MODULE 3

    Uploaded by

    ddddddaaaaeeee
    The document defines Newly Industrialized Countries (NICs) as developing countries experiencing rapid economic growth and industrialization. It provides a table listing the main NICs, including the "Four Asian Tigers" of Singapore, Hong Kong, South Korea, and Taiwan which dominated economically in the 1970s. The document notes that while China and India have large total GDPs due to their huge populations, their per capita incomes remain relatively low.

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    © All Rights Reserved
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    ALDERSGATE COLLEGE Espinoza, Daenielle Audrey M.

    Solano, Nueva Vizcaya, Philippines, 3709 Bachelor of Science in Accountancy - 3


    School of Business, Management and T72/AE18/ ECONOMIC DEVELOPMENT
    Accountancy

    PRETEST
    1. Identify the New Industrialized Economies (NIE) Countries.

    The category of newly industrialized country (NIC), newly industrialized economy


    (NIE) or middle income country is a socioeconomic classification applied to several
    countries around the world by political scientists and economists. They represent a subset
    of developing countries whose economic growth is much higher than other developing
    countries; and where the social consequences of industrialization, such as urbanization, are
    reorganizing society.
    The NIC concept became widely recognized in the 1970s. During these years, Asian
    countries – also known as the “Four Asian Tigers” – Singapore, Hong Kong, South Korea,
    and Taiwan dominated in terms of economic prosperity and technological innovation. The
    “Asian Tigers” and countries that are now considered NICs show clear dissimilarities that
    can be attributed to a mixture of a high gross national income per capita, sound export-
    oriented economic policies, and transparent political processes.
    The table below presents the list of countries consistently considered NICs by different
    authors and experts. Turkey and South Africa are classified as developed countries by the
    CIA. Turkey was a founding member of the OECD in 1961 and Mexico joined in 1994.
    The G8+5 group is composed of the original G8 members in addition to China, India,
    Mexico, South Africa and Brazil.
    Note: Green-colored cells indicate highest value or best performance in index, while yellow-colored cells indicate the opposite.

    For China and India, the immense population of these two countries (each with over
    1.2 billion people as of September 2015) means that per capita income will remain low
    even if either economy surpasses that of the United States in overall GDP. When GDP per
    capita is calculated according to purchasing power parity (PPP), this takes into account the
    lower costs of living in each newly industrialized country. GDP per capita typically is an
    indicator for living standards in a given country as well.
    Brazil, China, India, Mexico and South Africa meet annually with the G8 countries to
    discuss financial topics and climate change, due to their economic importance in today's
    global market and environmental impact, in a group known as G8+5.

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