This is the 6430th most frequent Russian word.
экономическим
Relating to economic.
Here, 'экономическим' is used as an adjective to describe 'подход' (approach) in instrumental singular form, emphasizing cost-effectiveness.
Этот подход оказался очень экономическим и эффективным.
This approach turned out to be very economical and efficient.
The word 'экономическим' is used to describe the noun 'проблемам' (problems) as related to economy, showing an adjectival usage in instrumental plural form.
Экономическим проблемам уделяется особое внимание.
Special attention is given to economic issues.
The word 'экономическим' attributes to 'развитием' (development), in instrumental singular form, indicating it pertains to the realm of economy.