Meaning of the word "Economic development" in English

What does "Economic development" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

Economic development

US /ˌiː.kəˈnɑː.mɪk dɪˈvel.əp.mənt/
UK /ˌiː.kəˈnɒm.ɪk dɪˈvel.əp.mənt/

Phrase

the process by which a nation improves the economic, political, and social well-being of its people

Example:
The government is focused on promoting sustainable economic development.
Education plays a crucial role in a country's economic development.