It seems like the whole world is facing a financial crunch. Based on my personal observations, I think several factors contribute to this situation:
International Instability: Ongoing conflicts such as the Russia-Ukraine war and the prolonged tensions in the Israel-Palestine region.
Rising Interest Rates: The U.S. dollar entering a cycle of increased interest rates.
Post-Pandemic Aftermath: The lingering effects of the COVID-19 pandemic.
All these problems have affected the whole world economically, especially Asian countries have been affected to a greater extent. If I talk about my country, it has suffered many times more than what my country suffered due to covid-19 and other problems due to last week's quota reform movement in government jobs. Many important public and private buildings of the country have been burnt and billions of dollars have been lost due to the complete disconnection of the internet for 1 week across the country which has affected the country's economy.