Meaning of the word "in this respect" in English

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

in this respect

US /ɪn ðɪs rɪˈspɛkt/
UK /ɪn ðɪs rɪˈspɛkt/

Phrase

with regard to a particular aspect or detail

Example:
The new policy is an improvement, and in this respect, it is welcomed by many.
The company has made significant progress, and in this respect, its future looks promising.