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Austerity
01
the trait of great self-denial (especially refraining from worldly pleasures)
02
strict economic measures implemented by a government to reduce public expenditure and budget deficits
Example
The austerity program included significant reductions in healthcare and education funding.
During the financial crisis, many European countries adopted austerity policies to stabilize their economies.
Critics argue that austerity can hinder economic growth by reducing public investment and consumer spending.
Example
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