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The phrase "economic diversification" is correct and usable in written English.
You can use it when you want to refer to the process of making changes to an economy so that it is not dependent on just one industry or sector. For example, "Mexico is actively pursuing economic diversification initiatives in order to create a more stable economy."
Exact(60)
But economic diversification should be the goal.
More broadly, economic diversification for women is needed.
How to evaluate a potential for proactive economic diversification reforms?
"You represent a huge potential to lead the world into a very healthy economic diversification path.
"Certainly the crown Prince of Abu Dhabi is still committed to his timetables about economic diversification".
Effective public institutions, including development banks, will be essential for economic diversification and long-term investment.
This led to the achievement of an advanced stage of economic diversification".
"Economic diversification will be a challenge that Australia faces," she said.
The Arabian countries are attempting economic diversification, though the abundance of oil is a disincentive.
Yet efforts to promote economic diversification take mining companies out of their comfort zone.
We used mathematical models and simulations to compare multiple economic diversification strategies.
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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