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The phrase 'develop the economy' is grammatically correct and entirely usable in written English.
You can use it in any context in which you are discussing the idea of economic development. For example, "The government has formulated new policies to develop the economy and reduce unemployment."
Exact(55)
We demand an investment fund to develop the economy, and social and ecological development.
"It is in my view a chance for Europe, as it is for other regions of the world, to develop the economy, to reduce gaps between regions by fostering development of software and content locally".
The trend to modernize and develop the economy is not entirely new, of course.
The government's plans would create jobs, cut taxes and develop the economy, he said.
Better to develop the economy by the hand of the state.
They credit him with taking steps in recent years to develop the economy.
Similar(5)
The precondition for developing the economy is not damaging the environment.
"We have not been able to come up with a plan for developing the economy".
"What we should be doing is looking at another department which develops the economy.
Byungjin, or parallel advance, is Mr. Kim's policy of developing the economy alongside the nuclear program.
"We are creating work that directly develops the economy of Gaza.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com