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 government and of course, the people too may have made a lot of bad decisions to have led us to this state and economic situation. But at the end of the day, we should still look on the bright side. For our dear Bitcoin, we've got more investors than ever before. We've also got the wide adoption of skills acquisition, web business personnel, and others. Maybe this economic conflict may lead to a better civilization.
Not only government that contributed to this global economic situation, pandemic is the major thing that made this situation of the economic to get worse because it made many government to lose control on what to do to stop the pandemic that took over 2 years in the world. I know sometimes inflation use to occur for government to do one or two things to reduce it for people to experience low price of commodities global, but some current presidents don't care much about inflation than to concentrate on war that will make economic situation to get worse to affect the global economic.
El Salvador government is the first country to introduced legal tender, that made other governments to start adopting BTC because they have seen how it has helped some governments that adopted BTC to reduce inflation in their countries.