Is the current economic situation really that bad?

[RockBell]

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 economy situation is so bad that it is looking as if it is beyond repair, because the suffering is increasing and very soon a lot of countries will be going on a protest because people are becoming tired of he the government is not doing anything, the economy gets bad every day even before COVID and the government is busy spending money and ignoring the hardship people are going through, people are getting tired and they want to force the hands of government to do something about this whole thing everything is getting expensive very expensive and the means of getting money is limited, if not that the government have plans of making people poor why are they folding their hands and they are not doing anything about this, if it is economy issue I don’t even know exactly what to think anymore because everything is getting out of hand.

[topbitcoin]

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.

Yes, some countries have been able to improve and maybe it can be confirmed that they are quite stable in terms of their economy after Covid19 has passed, it has had a very bad impact on the economy in all parts of the world, such as the economy in a long pause.

Yes, maybe next year it can be much more stable and getting better, but in my country today it is not yet stable, there are still some effects that cannot be healed, maybe it still takes a long time, but after Covid, the economy has indeed changed drastically, digitization has become very fast, and technology is growing rapidly after many people have been able to use the internet to get income, a lot of buildings, shops and even shopping centers have experienced a decline in demand because more people are using e-comerce / online markets and that is also one of the impacts of Covid in my opinion.

I don't know what the polarization of the industry will be like next year, I hope it can be much better and people can prosper, talking about countries that carry out wars may be a different story even though it is worse but we are not fair to consider it in this context.

[tygeade]

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.

More companies are making their business work with less people, and that means there aren't enough jobs to go around, that's the issue. I mean we are talking about finite amount of resource, and we are asking to be infinitely available.

You can't have million new jobs every year in a country, so that means there are more people joining the work force every year, than the amount of jobs created that year, which means some has to be unemployed, there is no other way around it. I get that it may not feel like that sometimes, sometimes it feels like people are unemployed because there aren't good jobs or there aren't good candidates for jobs, but that's a smaller percentage of it, main issue is that there aren't that many jobs.

[dezoel]

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.

I think that inflation can come naturally, or it can also be caused by a negative event. Some examples of these are what the OP had already posted. Inflation has lots of effects which we can already say that it affects the economy as a whole but for a regular individual, when we hear the word inflation we can only think that it mainly affects the value of our currency (making it decline) and then the price of the goods (making it to skyrocket). Inflation isn't only felt in one country but many can also experienced it. No wonder why you say global there.

Inflation is not a new thing anymore and governments as a leader might have prepared plans to combat it, so I don't think they are still confused with it. Maybe for some regular individuals who lacks in understanding in economics, they can be the ones who experienced that. I'm sorry to say this but inflation is a permanent problem. When they came, it is only possible to end them temporarily but that is better than suffering from its effects longer. Deflation on the other hand isn't always good. So I guess we can say that inflation isn't totally bad as well, as it can counter act with the deflation to make things balance some times.

[cabron]

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.

I think that inflation can come naturally, or it can also be caused by a negative event. Some examples of these are what the OP had already posted. Inflation has lots of effects which we can already say that it affects the economy as a whole but for a regular individual, when we hear the word inflation we can only think that it mainly affects the value of our currency (making it decline) and then the price of the goods (making it to skyrocket). Inflation isn't only felt in one country but many can also experienced it. No wonder why you say global there.

Inflation is not a new thing anymore and governments as a leader might have prepared plans to combat it, so I don't think they are still confused with it. Maybe for some regular individuals who lacks in understanding in economics, they can be the ones who experienced that. I'm sorry to say this but inflation is a permanent problem. When they came, it is only possible to end them temporarily but that is better than suffering from its effects longer. Deflation on the other hand isn't always good. So I guess we can say that inflation isn't totally bad as well, as it can counter act with the deflation to make things balance some times.

The economy is even worse when our government is constantly stirring conflict with the neighboring countries like it is preparing to blame the other country for its failure to combat inflation. Because when shit hits the fan and the people think the government couldn't make it better, the people will demand policies that can make the regular people work easily and ask for more assistance from the government.

When companies are laying off employees and shutting down businesses, it really becomes worse that people might be robbing each other and it already started happening.

[tottong]

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

That's what I mentioned in the previous post and indeed the impact of the post-Covid economic recovery is still quite noticeable for some people.
Especially for those who have lost their jobs to generate income to meet their living needs.
A country experiencing war will be much more problematic because all sectors will stop and economic growth in that country will also experience total paralysis for its stability.

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.

That is clearly the main topic because every country will be quite problematic when facing an economic crisis.
This sector has quite a large contribution and the negative impact of the economic crisis also affects many things so the government must take quite firm steps to ward off the crisis. When a crisis hits, a recession will simultaneously occur and this is where a much bigger problem lies because society experiences stagnation regarding income.
Another major effect will be that the price of goods will rise uncontrollably and people's needs will be unbalanced, making conditions much worse.

[boyptc]

With Trump likely winning the POTUS, we might see some changes. It may not be entirely change the whole world but he's got some diplomatic actions that can resolve these international conflicts and issues.

I'll compare it with the market;

And that's it's not always at the peak of the market and there has to be a correction and vice versa. So, with all of these bad economic situations, we might see some betterment.

[Abiky]

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.

You're right about that. The COVID-19 pandemic and unnecessary wars have  destroyed the global economy. Chances for a recovery are slim right now. Especially when prices for goods and/or services continue to rise at a non-stop rate. Central banks claim they've put inflation under control (or they're doing so), but we've seen all of the contrary. Things are so expensive right now, that everyday people are struggling to make a living. It's the "Elites" game now.

Unless governments around the world unite to put an end to this crisis, our society will continue to deteriorate. Rising cost of living will result in an increase in crime rates globally. Theft, hacks, and scams will rise like never before. Perhaps, this is all part of a plan for a "New World Order"? We'll see.

[Z_MBFM]

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.

All these problems have affected the whole world economically, especially Asian countries have been affected to a greater extent. If I talk about my country, it has suffered many times more than what my country suffered due to covid-19 and other problems due to last week's quota reform movement in government jobs.  Many important public and private buildings of the country have been burnt and billions of dollars have been lost due to the complete disconnection of the internet for 1 week across the country which has affected the country's economy.

[Webetcoins]

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.

Yes, inflation is indeed increasing day by day and as the conditions of the countries are getting worse, wars are going on due to which medicines, petrol, food items even caffeine have become expensive. Where the developed countries are also crying about inflation, what will happen to the developing countries? As the dollar goes up, everything gets taxed, and inflation has been so big in the last couple of years or so that what should have happened in 10 to 15 years has happened in the last two or three years.

The effect of inflation is even greater when only inflation is increasing and salaries are not increasing, so that opportunities are not equal, at that time the condition of countries and people never improves and the same period is going on. In almost many countries, except for a few countries, this is the situation for the entire world, even in developed countries, where the leaders and ministers of the country are happy, the people of developed countries are also unhappy because of inflation and because of the taxes imposed on everything.

The only way to reduce inflation is if the people are developed, educated, and independent. This is only possible when everyone pays their own expenses. Spenders are more and earners are less. The condition will improve and when the economic condition of a country improves, that country is on the path to development.

[Uhochi]

The economy is quite bad in my country. The price of goods is on the increase on a daily base. An average family struggle to feed 2 square meals.  The dollar exchange rate is not favouring our currency at all.

It's actually crazy but we hope and pray that the people we voted into power to be our leaders and government of the people for the people will have the heart to care and effect changes that will make things better.

[el kaka22]

Not "that" bad, but obviously not good. The system itself is built in a way that it is not going to be that easy, we are talking about a situation that will not be simple, and we can't make it work some other way neither, we have to realize that it is going to be tough and we need to accept that system will not make the situation any better. There isn't anything the world can do to make sure that people live a better life, we are not going to, it is only going to get worse and worse.

Because system works on the promise that if you invest into a company ,that company will make you a lot of money, and if that company is making a lot of money that means they must be getting that money from somewhere. Like when Amazon gets richer, whose money are they taking? Elon Musk? Of course not, they are taking from us.

And the entire business world is trying to take all our money, and convince us that it is actually a good idea to spend our money on their useless shitty products/services. I guarantee you that people who never had these companies, never had these chances, lived a better and happier life without any of them 100 years ago. We are just now slaves to our own consumerism.

[Wakate]

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.

This is happening at the same time in every countries. People are complaining of hardship and their are countries that are even worse compared to others. If we don't have a solid job that will be giving us consistent profits so far, we might end up losing our source of survival. I have been seeing different news if protests these days and many of them is as a result of suffering people are passing through. If the government do not look for a better ways to help her citizens to survive, we might have to end up crushing the entire world with problems and hardship. Our individual self need to get a string skill that will still be profitable for us even when other people are lamenting.

[indah rezqi]

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.

This is happening at the same time in every countries. People are complaining of hardship and their are countries that are even worse compared to others. If we don't have a solid job that will be giving us consistent profits so far, we might end up losing our source of survival. I have been seeing different news if protests these days and many of them is as a result of suffering people are passing through. If the government do not look for a better ways to help her citizens to survive, we might have to end up crushing the entire world with problems and hardship. Our individual self need to get a string skill that will still be profitable for us even when other people are lamenting.

I think COVID-19 has made economic difficulties more complex, in addition to the conflicts in several countries, the effects of which are still very much felt. Indeed, this has happened in many countries, and is felt by every level of society, especially those from the lower classes. All of this ultimately slows down economic growth, and many people are still unemployed after the massive layoffs due to COVID-19 yesterday. Of course, to respond to every challenge we must be able to adapt to the situation, where we must learn to improve our skills in order to survive.

Meanwhile, the government must of course be able to find solutions to ensure economic stability, so that its people can remain prosperous, or at least not impoverished. As individuals, in addition to having to continue to learn to improve our skills, we must also be good at managing income and expenses. And the most important thing when facing a difficult economic situation is to maintain health, because the situation will be more uncontrollable if you experience health problems.

[CryptopreneurBrainboss]

I just have to say, it's that bad. People in more advanced countries mightn't be feeling the impacts that much but for those in developing countries, we can feel the impact daily. Inflation is on the rise and the cost of living is almost killing the living. The jobs aren't available as they use to be and any opening gets alot of applications that it decrease your odds of getting hired. I still don't get how people are surviving because even when I go to the market to buy things and I see the cost of things, being privileged to know about Bitcoin that it have affected my finances in a positive way still I struggle to afford things in the market then I ask myself how others are surviving.

Post-Pandemic Aftermath: The lingering effects of the COVID-19 pandemic.

Things hasn't been the same since the pandemic, I feel this started everything although we would had still come to this stage even though the pandemic didn't happen but I think the pandemic brought about this hardship quicker than we expected and we weren't ready for it. In my country, the government just raised the minimum wage but it still not up to $50 because it was increased to 70,000 Naira and the dollars rate for 1 Naira is about $1550 +/- now imagine making barely $45 monthly.

[STT]

If you think about it then the world should be richer now, we have alot of technology in our favor and somehow havent gained enough to feel the positive effects.   A large part of it might be people are demanding more to some extent, only a century ago people would straight up just die from some random health effect and never even get to know what killed them.   Now we can name alot more causes of our demise its natural to want to avoid it I guess.

The other side of the effect is people are gigantically more taxed now then they ever were previously.   Personal taxes have risen alot, used to be the case for some people they would not have to pay tax because they rarely came so close to government but now there is no avoiding it.   Everything is taxed more, government now is the largest its ever been in history and expends far more of the country's GDP then was ever possible before.

  I think there are parallels with ww2 spending levels and present day, which should make it obvious the budget with accumulated debts are far too large.  People are being cooked alive like lobsters but because it was gradual its all ok.  If anything people are too calm about how much they've lost but we do have more tech and in some cases allegedly government can be of benefit 

[Hanadawa]

You can't have million new jobs every year in a country, so that means there are more people joining the work force every year, than the amount of jobs created that year, which means some has to be unemployed, there is no other way around it. I get that it may not feel like that sometimes, sometimes it feels like people are unemployed because there aren't good jobs or there aren't good candidates for jobs, but that's a smaller percentage of it, main issue is that there aren't that many jobs.

Every year the human population continues to increase. Based on data from worldometers.info, there are currently around 8.1 billion people on earth. I see an increase in jobs in more specialist fields and even new types of jobs such as prompt writers for AI or engineers in the field of AI and technology. But those jobs only require a few people to have certification or have studied the field. The problem is that every year technology becomes more sophisticated but the number of people needed for jobs such as laborers is decreasing. And laborers are the type of job that can make many people get jobs. This is what I think can make many people lose their jobs in the future. -CMIIW

[Woodie]

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 economic situation is bad because all these external factors affect everyone one way or another. For example, A country could be involved in agriculture but because of the war they can not export their produce to other countries because the corridor to transport the agriculture products is not safe thereby affecting it's financial standing.

Post COVID effects are still felt such that skilled labour was affected to the point of making a country less productive and affecting it's economic situation but of course slowly but sure we all getting back on our feet and things will soon be okay.

Politics too do contribute on a country's economic standing...if the current government has poor or bad law's then it's likely to affect the morale of its citizens, access to financial support could have changed etcetera but all in all the economic landscape has changed everywhere...

[Iranus]

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 economic situation is bad because all these external factors affect everyone one way or another. For example, A country could be involved in agriculture but because of the war they can not export their produce to other countries because the corridor to transport the agriculture products is not safe thereby affecting it's financial standing.

Post COVID effects are still felt such that skilled labour was affected to the point of making a country less productive and affecting it's economic situation but of course slowly but sure we all getting back on our feet and things will soon be okay.

Politics too do contribute on a country's economic standing...if the current government has poor or bad law's then it's likely to affect the morale of its citizens, access to financial support could have changed etcetera but all in all the economic landscape has changed everywhere...

In my opinion, things are gradually getting better, not as bad as you and OP are feeling. Inflation peaked in 2022 and is gradually decreasing until now, the war between Ukraine and Russia is still ongoing but it is clear that the world is gradually adapting and no longer cares about them as much as before.

I'm not saying the economy has fully recovered but things have improved a lot since the peak of inflation and that's why many countries have started gradually reducing interest rates.

Additionally, there may be differences in each country due to different government policies, but it can be said that the overall situation is gradually getting better, not worse.

[sunsilk]

Pre-pandemic and war, life was quite easy even for a minimum wage earner. There's no pressure at all and things can be done properly for not having much.

But with all of the effects of those, life has become tougher and having a single job won't suffice even if you're a single person.

Having two or three is likely a requirement nowadays for an individual to afford living comfortably and it's gotta be more and high paying if you want to own a house.