word
Fiscal Consolidation
FIS-kul kon-sol-ih-DAY-shun
/ˈfɪskəl ˌkɒnsɒlɪˈdeɪʃən/Listen
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Syllable breakdown
fiscalconsolidation
Dictionary meaning
Government policies designed to reduce the budget deficit and stabilise or reduce the public debt ratio, typically through some combination of spending cuts and revenue increases; often called austerity when emphasising the expenditure side
Examples
- The post-2010 fiscal consolidation programmes in southern Europe reduced deficits but deepened recessions and raised unemployment.
- Successful fiscal consolidation requires sequencing reforms carefully to avoid choking off the economic growth needed to generate tax revenues.
Synonyms: fiscal adjustment, austerity, debt reduction programme, fiscal tightening
Pronunciation tips
Seven syllables; stress the first and sixth: FIS- and -DA-
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