Austerity refers to government policies aimed at reducing public spending and narrowing budget deficits.
Typically implemented during economic downturns, austerity measures include cutting public services, social welfare programs, and government expenditures.
The goal is to restore fiscal discipline, gain investor confidence, and address high levels of public debt.
Austerity measures often generate debate, as critics argue they can exacerbate economic hardships, while proponents assert they are necessary for long-term financial stability and sustainable economic growth.