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.
The worlds economy is crumbling everyday , in some countries they have lost the value of their currency due to the increase in dollar rate where I'm from in Africa a lot of people are barely surviving because the inflation keeps increasing daily..The economy is failing drastically, the cost of petrol has sky rocketed and now it has affected the price of goods and other things... The only solution to this is to reduce the cost of petrol