economic developmentnoun [ U ]
ukusECONOMICSthe process in which an economy grows or changes and becomes more advanced, especially when both economic and social conditions are improved:
They're trying to promote economic development in the border areas.
The state has added $500,000 from the state economic development fund to help close the gap.
an economic development/initiative/strategy.
Energy plays a key role in Colorado's economic development strategy.