economic boom
/iˌkɒn.ɒmɪk ˈbuːm/ · e.co.nom.ic boom
noun
- A period of significant economic growth and prosperity, often characterized by low unemployment and high levels of investment and consumption. The city experienced an economic boom after the new factory was built, leading to a surge in population and a thriving downtown area.
- A sudden and significant increase in the value of a particular industry or sector, often driven by technological innovation or changes in government policy. The rise of the tech industry led to an economic boom in Silicon Valley, with many startups and entrepreneurs achieving great success.
verb
- To experience a significant increase in economic growth and prosperity, often characterized by low unemployment and high levels of investment and consumption. The city's economy boomed after the new factory was built, leading to a surge in population and a thriving downtown area.
- To experience a sudden and significant increase in the value of a particular industry or sector, often driven by technological innovation or changes in government policy. The tech industry boomed in Silicon Valley, with many startups and entrepreneurs achieving great success.
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Did you know? The term 'economic boom' is often associated with the concept of the 'business cycle,' which describes the fluctuations in economic activity that occur over time. A boom is typically followed by a period of economic downturn, known as a recession.