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.
In most of countries, situation is also critical. There are no jobs for an educated person and poor people are becoming more poorer and rich people are becoming more richer because Government is providing allowance to the business people and government said that they will not give seat to anybody in education department and WAPDA and many more departments and due to which rich people are going to abroad and they earn Millions of dollars and poor people cannot go to abroad and they are earning only few rupees and from which they spent them on basic needs and they have nothing to save.