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economic development UK US noun [U] ECONOMICS
► the 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.
Financial and business terms. 2012.