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 don't think that it is all the world is experiencing economic downfall right now because the economy of a country to drop it with determined by the leadership of that country except that there is a virus that is affecting countries that will make some few countries to suffer for economic problem at the same time, it is clear from my understanding that economy of a country is being built by the leaders of that country and if they Fell to manage the economy of that country it is when there was that having an economy to downfall and I don't think that all country will experience such economic such economic downfall without a world challenge issues like virus problems across other countries