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.
Before the crisis happen the economy of country is already bad, because there are still corrupt politician and then the pandemic and war happen happen the situation is becoming more worst than we expected because the war makes the cost of the fuel so high and it makes the transportations of product harder it cost very high expenses in fuel to transfer product from one place to another and it makes the products high at price, so for me i think the situation is still very bad we are still in the stage of recovering.
Things could get even worse, the tensions on the middle east are increasing and we do not know when China may decide to make their own move, and once that happens you can be sure the markets will take a nosedive, so if the country where you are living was already in a bad position then such position will only worsen, as it could take it years before a full recovery were to happen, and that would only be true if we did not found yet another obstacle for the economic recovery we all want.