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English definition of “austerity”

austerity

noun [U]     /ɒsˈterəti/
ECONOMICS, GOVERNMENT a situation in which a government spends as little money as possible because of bad economic conditions : The idea was to stabilise the economy through strict austerity. The government introduced a number of austerity measures to help cut the deficit .
(Definition of austerity noun from the Cambridge Business English Dictionary © Cambridge University Press)
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