According to the World Bank local economic development (LED) is the process by which the economic capacity of a local area is built up to improve its economic future and the quality of life for all.
It is a process by which public, business and nongovernmental sector partners work collectively to create better conditions for economic growth and employment generation. The International Labor Organization further defines LED as meaning more than just economic growth. It is promoting participation and local dialogue, connecting people and their resources for better employment and a higher quality of life for men and women.