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.
To be honest, the inflation in my country is not smiling at all to people and you know what happened when money is not valuable, too much money in circulation, too much corruption and yet no job employment, there is not good health facilities, there is high cost of living, services and goods are too high and the worst of it is that the minimum wage is too small to buy things or pay basic bills that a normal worker can afford. These are the current difficulties in my country.
Most of the things we are seeing now is global because covid 19 was global sickness but there are some things that are inherent to what has been happening in some countries. If I look at how the westerners complained about hardships in their country, I just smile because that's what some people wish to see in their own country but perhaps Krchoffs law is taking effect.