Austerity

austerity

ɒˈstɛrɪti,ɔːˈstɛrɪti/

noun

1. 1.

   sternness or severity of manner or attitude.

   "he was noted for his austerity and his authoritarianism"
2. 2.

   difficult economic conditions created by government measures to reduce public expenditure.

   "the country was subjected to acute economic austerity"