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1
the trait of great self-denial (especially refraining from worldly pleasures)
Synonyms:
2
strict economic measures implemented by a government to reduce public expenditure and budget deficits
- The government implemented austerity measures to tackle the mounting national debt.
- During the financial crisis, many European countries adopted austerity policies to stabilize their economies.
- Austerity led to widespread protests as citizens faced higher taxes and reduced access to essential services.
- Critics argue that austerity can hinder economic growth by reducing public investment and consumer spending.
- The austerity program included significant reductions in healthcare and education funding.