Is the following sentence correct?
- The most effective measure for stimulating the economy is reducing interest rates.
In this context, the "for -ing" clause means that
The purpose of the measure is to stimulate the economy
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Yes, that sentence is correct, and yes, that is exactly what the sentence means.
Just to clarify, the full prepositional phrase is:
for stimulating the economy
and it contains the subphrase "stimulating the economy", so "for stimulating" is not an independent part of it. That is, it should be parsed as:
for [ stimulating [ the economy ] ]
[ for stimulating ] [ the economy ]
You are right that we use for+ing form of a verb to talk about the purpose of something. So the sentence "The most effective measure for stimulating the economy Is reducing interest rates"
It'll not be out of place to mention here that for+ing form of the verb is only to refer to the purpose or function of something; it's not to talk about our purpose or intention. We use to-infinitive for our purpose. For example, we can not say "I am going to New York for visiting my parents". The correct sentence is "I am going to New York to visit my parents".