Meaning of “austerity” in the English Dictionary

"austerity" in English

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(Definition of “austerity” from the Cambridge Advanced Learner’s Dictionary & Thesaurus © Cambridge University Press)

"austerity" in American English

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austeritynoun [ U ]

us /ɔˈster·ɪ·t̬i, -ˈstɪər-/

Austerity is also a bad economic condition that does not allow luxuries:

Military spending continues even in periods of austerity.

(Definition of “austerity” from the Cambridge Academic Content Dictionary © Cambridge University Press)

"austerity" in Business English

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austeritynoun [ U ]

uk /ɒsˈterəti/ us

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” from the Cambridge Business English Dictionary © Cambridge University Press)