When it comes to how bad the economy has come to be across the world, I could only pin it all on 2 things and that is,

IMF and Corruption.

Nothing kills the economy more than these two, not the Rrussia/Ukrain or Israel/Hamas demonstration. These are just an addition to what is or what has been.
When majority of the revenue generated is used to service debt, only for the government to borrow again, then you know the nation is in real trouble. Not being able to sustain yourself is a nightmare and that’s the state of most nations as it is.