Yes. Loreto is one of the best colleges in Kolkata. It is famous for its English and Humanities department.
Calcutta University is among the few universities in India that offers a B.Sc. degree in Economics, so it is suggested that you go for a B.Sc. Honours degree rather than a BA degree.
Loreto College is a reputed institution, if to get an opportunity to pursue Economics there you should definitely go for it.
You should also keep in mind that it is a very strict and disciplined institution. Here you must maintain 80% attendance. If you want to study in a more lenient environment opt for other colleges instead.