Meaning of the word "literacy rate" in English

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

literacy rate

US /ˈlɪt.ər.ə.si reɪt/
UK /ˈlɪt.ər.ə.si reɪt/

Noun

the percentage of people in a particular area who can read and write

Example:
The country has made significant progress in improving its literacy rate.
A high literacy rate is often linked to economic development.