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"economic dependence" is a correct and usable phrase in written English.
You could use it to describe a situation in which one country relies on another for economic support. For example, "The small country was in an economic dependence on its powerful neighbor."
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Liilikas commented: Cyprus should not be economically dependent on anyone, because states which have an economic dependence have a political dependence too.
Traditional land-based harvesting activities are economically valuable for the region and can reduce external economic dependence [ 17].
Peace arrived some time ago, but the economic dependence continued.
Women of all classes must free themselves from economic dependence on men.
There are constant reminders of this bizarre relationship, based on mutual economic dependence and unrelieved hostility.
This, anyway, is how many colonists came to view their economic dependence on Britain.
Mutual economic dependence and mutual distrust, it seems, go hand in hand.
3. Support efforts of the front-line states to end their economic dependence on South Africa.
Given the economic dependence on the Chinese and crisis in newsrooms, this is rarely confronted.
Armenia's economic dependence on Russia meant that it followed Russia into recession in 2014.
Ukraine's pivot to China could also ease its long-term economic dependence on Russia.
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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