newly industrialized country

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Country formerly classified as less developed, but which is becoming rapidly industrialized. The first wave of countries to be identified as newly industrializing included Hong Kong, South Korea, Singapore, and Taiwan. These countries underwent rapid industrial growth in the 1970s and 1980s, attracting significant financial investment, and are now associated with high-technology industries. More recently, Thailand, China, and Malaysia have been classified as newly industrializing countries.

Blue recalls the sea and the sky. Green symbolizes the earth. The red star represents unity. White stands for peace. Effective date: 27 June 1977. >>