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.
I can't tell you how the global economic scenario is, but the economic scenario in my country is so bad that it is beyond words. Politically our country has been affected in such a way that the global debt has increased so much that every person in Bangladesh is currently in debt per capita. However, it is expected that after the fall of the fascist government of our country, a new government has been formed, and in this case, the economic condition of the country is expected to change very soon.