Is the current economic situation really that bad?

[shinratensei_]

People are drained of their savings when pandemic hit, the commodity price remain the same as it was when there was sudden inflation due to pandemic doesn't help either.
so many people are living paycheck to paycheck these days that they are just few steps away from poverty so yeah it's kind of bad in my opinion.

but the main culprit i think is the housing price and rent price, it takes up big chunk of our salary that I don't think it's normal.
the amount that I consider healthy for the price of rent is just 30% of salary, more than that I think it will greatly reduce purchasing power of many people and speaking of now, it usually takes up 60% of our salary, pretty crazy if you ask me.

[Helena Yu]

The world is fine, only in 2008-2009, 2020 and 2022 where the whole country suffer bad economy condition, 2023 is back to normal, 2024 should back to normal since there's no big change.

The reason why we're keep seeing so many people are unfortunate, in debt, poor etc because the world is evolving. In 19's, people who can typing and understand basic computer will get high salary, in 2024 most people already have that skills, when there are so many supply, the demand would be lower and lower.

They're too late to adapt.


https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?end=2023&skipRedirection=true&start=2003&view=chart

[Marvell1]

but the main culprit i think is the housing price and rent price, it takes up big chunk of our salary that I don't think it's normal.
the amount that I consider healthy for the price of rent is just 30% of salary, more than that I think it will greatly reduce purchasing power of many people and speaking of now, it usually takes up 60% of our salary, pretty crazy if you ask me.

I think it will depend on the region and country you live in. In countries like the United States, house prices and rent are everyone's obsession, but in my country it's not a big deal. As far as I know, because the economy is in crisis, the real estate situation in my country is also in crisis. In urban areas, many real estate and apartment rentals have prices close to the bottom but still have no tenants. Some people cannot afford to rent or some will not want to take the risk at this time, they are ready to retreat to the countryside to hide for a while until things return to normal. Meanwhile, in rural areas like where I live, real estate is much cheaper because demand is still not high.

[Ozero]

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.

Every generation has had similar difficulties in their lives. Large and small wars, epidemics and other disasters, deterioration of the economic situation have almost always occurred periodically. And each new generation raised the question of whether the apocalypse was coming to them. Everything passes, and these difficulties will pass. But if you look at this issue more globally, then with each new generation people’s lives become more comfortable and better. So, whatever doesn't kill us makes us better.

[kryptqnick]

Political situation in very unstable in the world right now. 2020 was a bad start of apparently a terrible decade, if not longer. The long-term tendency of reduction of warfare and casualties from wars, as well as success in combatting poverty are broken, and we see that the world is full of tension, injustice, and hardship.
But if we're talking about the global economy, it is actually doing alright. The world economy is still growing; we are not in recession, and recession seems unlikely to happen. I think the problem is not that we're not producing enough stuff or not forming enough wealth, but in how these resources and wealth are distributed and what they are being spent on.

[dansus021]

Is the current economic situation really that bad? In my opinion yes but i dont really that bad but the media nowadays is crazy I mean news is spread is rapidly fast.

But if the question is our economic is bad at the moment the answer is yes in my opinion it all started when covid is come gov print more money and inflation is started

[CageMabok]

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.

Of the three impacts that you have mentioned, I think only two impacts can still trigger economic instability at this time, namely through war and also through the interest rates that you mentioned. Meanwhile, regarding the pandemic, I see that it is no longer a big trigger or influence on economic matters because it was handled properly by everyone throughout the world two years ago. So you only need to look at and analyze two other things without having to include the pandemic problem in something like this because it has long been resolved by everyone.

[erep]

Of the three impacts that you have mentioned, I think only two impacts can still trigger economic instability at this time, namely through war and also through the interest rates that you mentioned. Meanwhile, regarding the pandemic, I see that it is no longer a big trigger or influence on economic matters because it was handled properly by everyone throughout the world two years ago. So you only need to look at and analyze two other things without having to include the pandemic problem in something like this because it has long been resolved by everyone.

The pandemic has passed and there should be no need to add any more to the current economic problems, even though the initial start of inflation occurred due to the pandemic factor until now the impact of war and rising interest rates continues, every country must have a strategy to maintain market price stability by utilizing natural resources to people's needs without exporting them abroad, the government must prioritize local companies producing more basic necessities products for the community because the prices of local products are more affordable to prevent the impact of inflation from getting crazier in all countries.

[GiftedMAN]

Is the current economic situation really that bad? In my opinion yes but i dont really that bad but the media nowadays is crazy I mean news is spread is rapidly fast.

But if the question is our economic is bad at the moment the answer is yes in my opinion it all started when covid is come gov print more money and inflation is started

The truth is that the current economic situation is very bad at the moment and I don't think the media is spreading wrong information concerning what is happening in the world right now even though what they always publish sometimes may not be totally correct but they have created a lot of awareness regarding how the economy of most of the countries in the world has suffered so much as a result of bad governance since the outbreak of the covid 19 pandemic.

There is a high rate of inflation all over the world and the government has not made anything meaningful to salvage the situation, the economic situation in my own country is suffering as the rate of unemployment is increasing on daily basis,the economic situation will not change until there is a change in the political system all over the world.

[mirakal]

Given that the world's economy is not really in a good shape, then most likely our own economy will also struggle especially if we do not know how to manage our own finances and money expenses. Being irresponsible on our financial management will lead to a poor economy, but for those who are capable on improving their own finances instead and makes more living than expenses, they will not be affected too much with how the world's economy is going on.

Pandemic has started this all and until now, seems a lot have not recovered yet. But if we are good enough with our own money activities, I think we will eventually recover from this quicker from what we imagine.

[Casdinyard]

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.

Of the three impacts that you have mentioned, I think only two impacts can still trigger economic instability at this time, namely through war and also through the interest rates that you mentioned. Meanwhile, regarding the pandemic, I see that it is no longer a big trigger or influence on economic matters because it was handled properly by everyone throughout the world two years ago. So you only need to look at and analyze two other things without having to include the pandemic problem in something like this because it has long been resolved by everyone.

The COVID-19 Pandemic directly cause the massive interest hikes and the rising inflation rates in the US. They overprinted money during this time to provide sustenance to citizens who were struck badly by the pandemic financially and when the economy recovered afterwards, the overprinting's after effects struck them badly, causing these eventualities to happen. So yes, we're still experiencing the after-effects of the pandemic. In countries such as China, where they say they have been able to recover completely, they are still at a massive loss as countries who pulled out of their businesses aren't expecting themselves to return to China's arms and are looking for other exporters/manufacturers elsewhere.

So yeah, part of the reason why shit is getting expensive these days is because the US dollar's not that valuable anymore, and companies are looking for other countries to manufacture/assemble their products besides China. So don't you disregard just how massive the effect of this pandemic is.

[tottong]

It seems like the whole world is facing a financial crunch. Based on my personal observations, I think several factors contribute to this situation:

There are many factors that make the economic crisis worse and it is a big problem that is difficult for any country to solve.
The role of the economy in a country is quite important because a poor country's economy can have a long-lasting negative impact.

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 world economy is indeed experiencing a negative impact and this has an effect on all people, conflicts, natural disasters or what remains of the pandemic itself are worsening world economic conditions.
But fortunately now this figure is relatively stable even though the financial crisis has not been able to be reduced to a much smaller figure.
Especially in my country, although we are still faced with difficulties in keeping up with the economy because many workers were laid off before, but now it is a little more stable than before.

[Xcode7]

It seems like the whole world is facing a financial crunch. Based on my personal observations, I think several factors contribute to this situation:

There are many factors that make the economic crisis worse and it is a big problem that is difficult for any country to solve.
The role of the economy in a country is quite important because a poor country's economy can have a long-lasting negative impact.

I think the impact of Covid several years ago is still there, but the economic crisis in several countries, especially developing countries, is not that severe and is still in the normal category and is slowly starting to recover.
I think no country is facing an excessive economic crisis right now except countries that are experiencing war like the Middle East

[Kakmakr]

OP, you are looking at the situation of the rest of the Fiat financial system, but Bitcoin are the opposite of that. It is not to say that it is not influenced by those factors, because it is.

When there are global political instability, people tend to turn to financial tools that provides some kind of safe haven, like Gold and Silver... and Bitcoin are seen as a safe haven in those times.

We still have to see if it will hold that reputation in the long run, because Gold and Silver has been doing that for ages and it has stood the test of time.   

[Sebas.tian]

It seems like the whole world is facing a financial crunch. Based on my personal observations, I think several factors contribute to this situation:

Yes, the inflation is affecting the global economics which many governments are confused on what to do to end it from their citizens to start experiencing deflation in their various countries. I think, COVID-19 pandemic is the major thing that caused this global economic challenges, because since they eliminated the virus from the world, many government are finding it difficult to revive the economics the pandemic has collapsed because they spend huge amount of funds to fight the virus in different countries of the world. You can feel the bad economics from this US general election that is coming up soon, because many citizens of US are complaining about the poor economic in the country, since Joe Biden took over from their formal president. You can feel bad economics from the price of local goods and services or international goods and services, because the price of communities has double up in the world which is the evidence of bad economics.

[Haunebu]

It was really, really bad during and right after the COVID pandemic, but the situation is definitely better now due to various reasons which is why I am expecting a full recovery probably by next year itself.

Also, some countries like Ukraine, Palestine etc are exceptions where their economies are in tatters thanks to the wars in their regions sadly.

[JeffBrad12]

The world is fine, only in 2008-2009, 2020 and 2022 where the whole country suffer bad economy condition, 2023 is back to normal, 2024 should back to normal since there's no big change.

The reason why we're keep seeing so many people are unfortunate, in debt, poor etc because the world is evolving. In 19's, people who can typing and understand basic computer will get high salary, in 2024 most people already have that skills, when there are so many supply, the demand would be lower and lower.

They're too late to adapt.

I think if we're talking about unemployment rate due to higher basic requirement such as education to get a job, it's only one factor.
but if we really trying to see what's wrong with the current economy that make it more difficult to make ends meet compared to few decades ago we'll eventually find out that purchasing power has significantly reduced due to inflation that the salary we get now is not as much as salary that we received decades ago in term of value.
the average people know that even if they worked so hard right now with 9-5 job they aren't gonna own a property, because the cost of living and rent is creeping up.

[CK485]

It seems like the whole world is facing a financial crunch. Based on my personal observations, I think several factors contribute to this situation:

There are many factors that make the economic crisis worse and it is a big problem that is difficult for any country to solve.
The role of the economy in a country is quite important because a poor country's economy can have a long-lasting negative impact.

Nowadays, economic problems are the main topic that influences the global economy and there are many factors, such as the financial crisis that hit many countries, with financial market uncertainty and a decline in asset values, this makes the economy uncertain, because this crisis can have a domino effect, and a recession causes the economy to become sluggish so that people's purchasing power decreases so that companies lay off employees to reduce spending, as a result the unemployment rate increases, it is very difficult to overcome all of this, plus the recession during the Covid-19 pandemic makes the economic level decline further and makes it take time to recover.

[Yatsan]

Yes, especially with third world countries wherein employment and inflation are both tolling people. We may assume that most countries are still recovering from the pandemic and its impact. Although economic problems have been long existing, we can clearly feel or see its greater intensity nowadays. In some instances, people are even pushed to have 2 or more jobs to sustain a living unlike before wherein you could at least live sustainable with only one job.

but the main culprit i think is the housing price and rent price, it takes up big chunk of our salary that I don't think it's normal.
the amount that I consider healthy for the price of rent is just 30% of salary, more than that I think it will greatly reduce purchasing power of many people and speaking of now, it usually takes up 60% of our salary, pretty crazy if you ask me.

I think it will depend on the region and country you live in. In countries like the United States, house prices and rent are everyone's obsession, but in my country it's not a big deal. As far as I know, because the economy is in crisis, the real estate situation in my country is also in crisis. In urban areas, many real estate and apartment rentals have prices close to the bottom but still have no tenants. Some people cannot afford to rent or some will not want to take the risk at this time, they are ready to retreat to the countryside to hide for a while until things return to normal. Meanwhile, in rural areas like where I live, real estate is much cheaper because demand is still not high.

Majority of the countries are affected by this as we can see on the news, it just varies on economic's financial state before these problems became noticeable. Strong countries are still powerful because their economy could sustain such changes while those which are problematic are struggling more at this point. I hope things will be better soon.

[legendbtc]

There are many factors that make the economic crisis worse and it is a big problem that is difficult for any country to solve.
The role of the economy in a country is quite important because a poor country's economy can have a long-lasting negative impact.

I think the impact of Covid several years ago is still there, but the economic crisis in several countries, especially developing countries, is not that severe and is still in the normal category and is slowly starting to recover.
I think no country is facing an excessive economic crisis right now except countries that are experiencing war like the Middle East

In general, this year things are improving much more positively than last year and people's lives are gradually returning to stability. That is shown by the fact that some countries have begun to lower interest rates as well as some countries have planned to reduce interest rates in the coming months.

In my opinion, we are still not completely back to the stability we were before the Covid pandemic hit, but at least we have passed the worst period. In addition, the economic situation will depend on each country, no two countries are the same. Whether a country's economy recovers quickly or slowly is determined by the Government.