Definition, Meaning & Synonyms
economic-expansion
noun
/ˌiː.kəˈnɑː.mɪk ɪkˈspæn.ʃən/
Definition
Economic expansion refers to the phase of the business cycle where the economy is growing, characterized by increases in employment, consumer spending, and production.
Examples
- The country experienced significant economic expansion after implementing new trade policies.
- During the 1990s, many industries thrived due to economic expansion.
- The government aims for sustained economic expansion to improve living standards.
Meaning
It signifies a period when the overall production of goods and services in an economy is increasing, usually measured by the growth of Gross Domestic Product (GDP).
Synonyms
- Growth
- Development
- Prosperity
- Advancement
