1. A set of policies adopted by governments to reduce public spending and budget deficits, typically involving cuts to public services, welfare programs, and government employment
The country implemented economic austerity measures to combat inflation and reduce national debt.
O país implementou medidas de austeridade econômica para combater a inflação e reduzir a dívida nacional.
2. A period of reduced spending and strict financial discipline imposed on an economy
During economic austerity, many public projects were suspended.
Durante a austeridade econômica, muitos projetos públicos foram suspensos.