regional economy; local economy
Refers to the economic activities, conditions, and policies of a specific region or locality.
Revitalizing the regional economy is an urgent task.
The closure of this factory will deal a heavy blow to the local economy.
Often used interchangeably, but 地方経済 can emphasize a broader provincial or non-metropolitan area, while 地域経済 can refer to any defined region, including urban districts.
Compound of 地域 (region) + 経済 (economy).