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.
Indeed, currently the financial crisis is hitting many countries, but that does not mean all of them, I think that in a state system it depends on the leadership to overcome it in taking policies to improve the financial system, and indeed among them when Covid-19, every country has tried to get out of the financial crisis depending on the thinking of the country's leadership.