Longman Dictionary of Contemporary English homepage

Topic: ECONOMICS


austerity

noun
     
aus‧ter‧i‧ty plural austerities
1PE [countable usually plural, uncountable] bad economic conditions in which people do not have much money to spend:
a time of great austerity after the war
the austerities of post-communist Eastern Europe
2 [uncountable] when a government has a deliberate policy of trying to reduce the amount of money it spends
austerity programme/plan/package
a tough new austerity programme
IMF-backed austerity measures (=reductions in government spending)
3 [uncountable] the quality of being austere:
a life of austerity
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