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It might shore up flagging economic growth.

To shore up his flagging popularity.

The first is found in an article about currency devaluation, the second is about some politician embracing the far right.

What does a flagging something mean in general?

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    Drooping, limp: thefreedictionary.com/flagging – Stephie Aug 12 '15 at 7:57
  • @Stephie Thanks a lot, now I understand it and deleted my previous answer. – CYC Aug 12 '15 at 8:30
  • waning popularity, or he is less popular than he was before (some point in time) – nmtoken Feb 23 '16 at 20:48
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It means wavering or drooping.

"Flagging" originally meant "to flap about loosely", much like a flag in a moderate wind. At some point around 1600 it came to mean drooping or wavering, like a flag with no wind. I would say that flagging is not as strong as wavering or drooping, because a flag will always perk right up with the next breeze.

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