This is just the beginning and we are far from the peak right now, it's going to get a lot tougher in every country - we'll miss the relatively calm, stable and good times we've been living in the past decade. Unfortunately Covid sent a lot of logistics chains out of whack, it was starting to look brighter as much countries came out of the pandemic 2 years later with a bit of a buffer built up for some people. Now the war that Russia started against Ukraine has caused all sorts of new difficulties. The saddest part of it all is how unnecessary it all is, Ukraine was moving towards a more free and democratic society, but Putin was offended that one of his cronies was ousted and decided to murder hundreds of thousands of people because of it.
I do not think that it will "go down" from here. There is a good chance that we could build from this. Whenever these "resets" happen, it comes out with a brand new company going super strong and the world gets rebuilt because people who ended up with some cash in that period that ends up with a great thing.
Think about it this way, if we could have people who have billions in cash right now go into business and start something new, they could have all the business, all the cheap workers, all the extras whatever and they could end up with something amazing. This isn't the thing they really want because bad economy is bad, but by the time economy gets strong again, they will be big already.