Absent belt-tightening by governments, that would push debt above 200 per cent and 150 per cent of GDP by 2050 in AEs and EMEs and could be even higher if economic growth rates wane.

Source: https://guyanachronicle.com/2023/06/26/world-economy-at-critical-juncture-in-inflation-fight-central-bank-body-warns/

It needs to be clarified here that belt-tightening, cutting wasteful expenditure, or reducing inefficient expenditure is not austerity in the sense of economics literature, by which it means cutting down development expenditure.

Source: https://www.pakistantoday.com.pk/2023/02/26/dealing-with-debt-distress-the-non-austerity-counter-cyclical-way/

The King's belt-tightening may even lead to the sale of two Fell ponies which are currently used to pull a carriage previously owned by the Duke of Edinburgh.

Source: https://www.dailymail.co.uk/news/article-11771523/The-Royals-residences-risk-Charles-slimmed-monarch.html?ns_mchannel=rss&ns_campaign=1490&ito=1490

With the recession looming, firm leaders and executives are sometimes seeking to minimize prices—and the belt-tightening frenzy impacts methods they view as ancillary to wherever an organization’s true manufacturing worth lies.

Source: https://www.mccourier.com/the-cost-of-inefficient-data-management-in-a-downturned-economy/