Meaning of the word "economic climate" in English

What does "economic climate" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

economic climate

US /ˌiːkəˈnɑːmɪk ˈklaɪmət/
UK /ˌiːkəˈnɒmɪk ˈklaɪmət/

Noun

the general state of the economy, including factors such as growth, inflation, and employment

Example:
The current economic climate is challenging for small businesses.
Investors are closely watching the global economic climate.