From Longman Business DictionaryNICNIC noun [countable]1ECONOMICS newly industrialized country; a country where the economy has recently changed from one based mainly on agriculture to one based on industryAsia’s first generation of newly industrialized countries, or NICs, such as South Korea and Taiwan2TAX National Insurance Contributions; money paid by employers and employees in Britain so that employees receive BENEFIT (=money from the government) when they are ill, unemployed etc
