IPA: /ɪmˈpɒv.ər.ɪʃ.mənt/
KK: /ɪmˈpɑvərɪʃmənt/
The process or state of becoming poor or losing wealth.
The impoverishment of the community led to many social issues.
Impoverishment is formed from "impoverir" (from Old French, meaning to make poor) and the suffix "-ment" (meaning the action or result of). The word refers to the process or state of becoming poor or the condition of being impoverished.
Think of the action of making someone poor ('impoverir') and the result of that action ('-ment') — impoverishment is the state of being made poor.