Definition, Meaning & Synonyms

economic importance

noun

/ɪˈkɒn.ə.mɪk ɪmˈpɔː.təns/

Definition

The significance of an entity, sector, or activity in contributing to the economic growth, stability, and overall welfare of a community or country.

Examples

The economic importance of agriculture cannot be overstated as it provides food and jobs for millions.
Tourism has immense economic importance, bringing in significant revenue and creating employment opportunities.
Understanding the economic importance of natural resources helps in making informed policy decisions.

Meaning

Economic importance refers to how crucial a particular aspect or resource is in terms of its impact on the economy, such as providing jobs, generating revenue, or supporting industries.