Economic reform refers to a process of making significant changes to the framework for economic activity in order to improve economic growth, efficiency, and well-being. Economic reform can take many forms, including deregulation, reduction in the size of government, and changes to tax policy and competition policy. The goal of economic reform is to remove distortions caused by regulations or the presence of government, rather than new or increased regulations or government programs to reduce distortions caused by market failure. Economic reform is an ongoing process that requires constant adjustment to reflect changes in the economy. Some examples of economic reform include:

• Microeconomic reform: This refers to policies directed at achieving improvements in economic efficiency, either by eliminating or reducing distortions in individual sectors of the economy or by reforming economy-wide policies such as tax policy and competition policy.

• Chinese economic reform: This refers to the program of economic changes called "Socialism with Chinese characteristics" in the Peoples Republic of China that were started in 1978 by pragmatists within the Chinese Communist Party.

• Economic policy reforms: This refers to country-specific structural policy priorities for the recovery across OECD and key non-member countries.

Economic reform is an important process that can help to increase living standards, improve well-being, and increase resistance against shocks in order to provide permanent and long-term benefits.