economy
noun
uk/ɪˈkɒnəmi/ usplural economies [ C ] ECONOMICS
the system of making money and producing and distributing goods and services within a country or region:
On average, China accounts for almost half of the total export growth of East Asian economies.
The property and construction industries are no longer as dominant in the economy as they used to be.
India has one of the fastest-growing economies in the world.
the global/national/local economy Political leaders expressed concern at the effect of increasing oil prices on the global economy.
a booming/strong/robust economy
a slowing/weak/stagnant economy
an emerging/a developing/a developed economy Hong Kong, Singapore, South Korea, and Taiwan are often categorized as emerging economies.
stimulate/boost/jump-start the economy New legislation has boosted the rural economy as well as supporting local communities.
an economy grows/slows/recovers In the year to the second quarter of 2007, the UK economy grew by 3.1%.
a knowledge-/service-/cash-based economy
a slowdown/downturn in the economy The Society of Motor Manufacturers and Traders said the decline in sales reflected the downturn in the economy.
[ C or U ]
the fact of not spending more money, using more resources, etc. than you need to:
Many manufacturing processes have been outsourced to Eastern Europe for reasons of economy.
Higher licence fees can tempt commercial organizations to make economies on service quality.
[ U ] TRANSPORT
→ economy class :
Executives at the firm now fly economy, rather than club class.
a false economy
something that seems to be a good way of saving money but is not:
Going abroad without travel insurance is a false economy if you are ill and need costly medical treatment.
See also
the black economy
bubble economy
command economy
dual economy
exchange economy
experience economy
free economy
fuel economy
the global economy
Goldilocks economy
informal economy
information economy
knowledge economy
managed economy
market economy
mixed economy
the new economy
parallel economy
planned economy
political economy
real economy
service economy
the shadow economy
subsistence economy