The phrase 'component of economic development' is correct and usable in written English.
You can use this phrase when referring to something that is a part of the process of economic development. For example, "Education is a vital component of economic development."
While it may seem slightly staid, access to loans is a critical component of economic development, according to organizations like the International Monetary Fund.
Child care is a key component of economic development infrastructure alongside other important infrastructure, such as transportation and communication systems.
GAVI sees immunization as a fundamental cornerstone of global health, a key component of economic development, and an essential first step in enabling each child to reach his or her fullest physical and intellectual potential.
In contrast, the World Bank has focused on creating efficient and effective public administration that cast democratic governments in the role of, inter alia, enabling markets to thrive as a core component of economic development [ 30].
Labor shift between sectors are important components of economic development.
"We agreed that rule of law and property rights are essential components of economic development," Marian Tupy, a senior policy analyst at Cato, told HuffPost in an email.
Community development financial institutions are an integral part of economic development in the United States.
Research on reproductive health in developing countries focuses mostly on the role of economic development on various components of reproductive health.
This rapid advance in robotics development, manufacturing, and services has the avid support of the government of Japanese Prime Minister Shinzo Abe, who sees it as a major component of economic growth for a nation facing labor scarcity and increasing healthcare and welfare costs.
"They're the engines of economic development".
Plenty of economic development is also promised.
