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"economic revitalization" is correct and is commonly used in written English.
You could use the phrase in a sentence like: The government has proposed a comprehensive plan for economic revitalization.
Exact(55)
"Economic revitalization is what we're looking at," Ms. Maxwell said.
That, he said, would create a ripple effect of entrepreneurship, economic revitalization and job creation.
But democratization of political life did not prove to be an acceptable substitute for economic revitalization.
The government prioritized policies for economic revitalization, but progress was slow.
Economic revitalization was very successful, but it was later interrupted by the Civil War.
European integration, in turn, has been the primary driver of Europe's economic revitalization.
Similar(5)
After two years of hoopla and running the BOJ's printing presses red hot, however, there is not a shred of evidence that Abenomics will lead to [economic revitalization]….
The principal actors in this development drama were the empowerment zone and the state Metropolitan Economic Revitalization Fund.
Indeed, partly to avoid seeming to single out the state's most stricken city, the Municipal Rehabilitation and Economic Revitalization Act, Senate Bill S1507, does not even mention Camden.
Parcel by parcel, uptown is being remade, fueled in part by the Upper Manhattan Empowerment Zone Development Corporation and the state's Metropolitan Economic Revitalization Fund.
The joint project attracted a $2 million award from Washington State's Community Economic Revitalization Board CERBB).
More suggestions(1)
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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