The Asian countries of India, China Korea, Taiwan, Hong Kong, Singapore, Indonesia, and Malaysia are notable examples NICs and their dramatic successes in economic growth have often been referred to as the East Asian Miracle. Other Asian countries like China and India have also achieved successes in economic growth. The 'economic miracle' of these East Asian countries is however not exclusive to Asia as countries in the Americas like Chile, Brazil and Mexico have also achieved appreciably high growth rates in their economies and could thus be referred to as NICs as well. It must be said though the growth rates vary amongst all the NICs and as such some growths may be relatively higher compared to others in other NICs. Countries like China, India Singapore and Hong Kong however standout of the rest due to the rapid nature of their growth within a space of about 30 years. Also, the use of NICs is a matter of definition and as such a country like South Africa that was largely secluded from the international economy due to its apartheid policies may now be categorised as an NIC by some, while others may classify it as a developed country.
This essay will first conduct a generalised or panoramic view of the features that underlie the development experiences of NICs before undertaking a closer look at the experiences of selected NICs. ...Show more