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.
Economic problems started in the world in recent times mainly after covid-19. But a bigger problem than Covid-19 has emerged since the war in Ukraine with Russia. Added to this is the war between Palestine and Israel. If the war is prolonged, the financial situation cannot be expected to change very easily. Ukraine and Russia have been at war for a long time, disrupting production there. There have been various crises in the world including food, oil shortage due to which inflation has also increased. If this situation continues for a long time, it is difficult to hope that the financial situation will ever improve, but if each country thinks about how they can cover the deficits by spending, this situation can change.