What is the term used to describe a period of rapid economic growth?

The term used to describe a period of rapid economic growth is "Boom." During a boom, economic indicators such as GDP, employment, and consumer spending typically rise significantly. This phase is characterized by increased business investments and consumer confidence, leading to a vibrant economy. It’s often marked by high demand for goods and services, which can lead to inflation as prices rise due to increased spending.

In the context of economic cycles, a boom follows a recovery phase after a downturn or recession. While "expansion" also refers to growth, it is often used more generally to describe any increase in economic activity without the specific connotations of rapid growth. Therefore, "boom" captures the essence of not just growth, but a significant and vigorous surge in economic activity.