The term, 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.)
This sustained growth has transformed the economy from an agricultural economy to a newlyindustrializingeconomy.
The task of this government is to turn the economy around and to revive economic activities.
The "populist' policy of economic empowerment of the people under the banner of the people's economy that has been sponsored by the Habibie government is being presented as an alternative to Soeharto's economic policy of favoring the development of the conglomerates.
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