Is the current economic situation really that bad?

[beerlover]

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.

The thing is, life is more expensive nowadays, but life is better as well. Just think about it, if a king wanted to visit USA, from UK, even just 100 years ago, they would have to deal with so much, and it would have been such a huge trouble, you could be literally OWNER of a nation, which most kings were titled as, and you still wouldn't be able to get as comfortable as some normal passenger who buys an economy ticket on a plane today.

So, while things are more expensive and we feel poor, that's a little bit because of comparison, because while we are living better than kings of their time, we are also living much worse than kings of our time, so we need to just compare the history. So, when someone asks me "is economy that bad" I ask, compared to what? What is good and what is bad?

If you wish for a "good" that never happened before, it is not going to happen now, we are not going to have every human in the world with free house, free clothing, free food, free education and free healthcare. That's basic human needs, and some people do not have them, hell even I need some new clothes lol, but I am too lazy to go buy some that's another subject. So all in all, I think it's quite clear that we are doing bad compared to rich people, but we are doing much better compared to poor people of the past.

[Abiky]

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.

Greed is what has led us to this point. Back then, prices were steady enough because there were no interruptions to the global supply chain. Now the COVID-19 pandemic, and the wars, have made companies/businesses/merchants more greedy than ever. They will keep raising prices unless governments put a halt to it. And I have a feeling they won't stop this, because higher prices means more taxes for the government. A win-win for both the corporate/business sector and the government. The ones who lose are average people like you and me (lower and middle class). The richer get richer, while the poor, poorer. I'd say the system is rigged.

I wonder if Bitcoin will be able to fix the world? I'm yet to see when this will happen. For now, we're going to need more than one job to survive. Hope everything goes back to normal soon.

[Juse14]

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.

The thing is, life is more expensive nowadays, but life is better as well. Just think about it, if a king wanted to visit USA, from UK, even just 100 years ago, they would have to deal with so much, and it would have been such a huge trouble, you could be literally OWNER of a nation, which most kings were titled as, and you still wouldn't be able to get as comfortable as some normal passenger who buys an economy ticket on a plane today.

So, while things are more expensive and we feel poor, that's a little bit because of comparison, because while we are living better than kings of their time, we are also living much worse than kings of our time, so we need to just compare the history. So, when someone asks me "is economy that bad" I ask, compared to what? What is good and what is bad?

If you wish for a "good" that never happened before, it is not going to happen now, we are not going to have every human in the world with free house, free clothing, free food, free education and free healthcare. That's basic human needs, and some people do not have them, hell even I need some new clothes lol, but I am too lazy to go buy some that's another subject. So all in all, I think it's quite clear that we are doing bad compared to rich people, but we are doing much better compared to poor people of the past.

Comparisons with those around us often shape our sense of well-being. We might feel impoverished as a result of contrasting ourselves against the richer, but retrospectively, we can notice the increase in richness in terms of comfort and lifestyle.

Within the scope of the world economy, is the economy "that bad" Well, it depends on how we look at it. We have come so far when contrasted with previous standards of living. But if we look at it in terms of the potential future, then no, we are not there yet.

We must keep working to right the wrongs and ensure a better quality of life reaches more people. Seeing progress in this regard can be quite heartening, and it would also serve as an impetus for one to pitch in towards building a fairer and wealthier world.

[Aanuoluwatofunmi]

For anyone who sole depends on the current economy situation of his country, they may ended being disappointed because things might not just work out as expected, not because the government are not interested on seeing them work out, but because they lack the ability and capacity of making the right ones happened with the economy, if we look more better, we could discover that this also is a global challenge as many countries were found being under this same economic challenge and inflation is extremely dealing with every aspects.

[eightdots]

For anyone who sole depends on the current economy situation of his country, they may ended being disappointed because things might not just work out as expected, not because the government are not interested on seeing them work out, but because they lack the ability and capacity of making the right ones happened with the economy, if we look more better, we could discover that this also is a global challenge as many countries were found being under this same economic challenge and inflation is extremely dealing with every aspects.

It takes a long time to make up for mistakes made in economic terms. These mistakes are made by many countries. The necessary work should be done to correct these mistakes. Inflation is present all over the world, but it is felt very much in some countries. This causes the effects of the mistakes made to be felt more by people.

It is possible to turn a negative situation into a positive one with the right work. The important thing is to have the right people in the right positions and have the capacity to do this job.

[Richbased]

It's really sad to see the economy of the world under going recession and as days goes by that's how the conditions of things are getting more worse and the government is not doing anything tangible to fight inflation which is so bad. The poor people in the society, get poorer and the rich people even though they have enough for themselves and their families but in one way or the other they are also feeling the impact of the inflation.

What I feel it's the major reason why the world is experiencing a tough economic situation is due to the impact of the COVID 19 pandemic, ever since then the world hasn't really recovered totally as they used to be as most countries are still struggling to recover from the shock. Conflicts between two or more countries also leads to unstable economic situation.

[Fortify]

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.

It may not seem like it at times, but we are lucky enough to be part of the most peaceful and prosperous eras that humanity has ever known. Sure there are sporadic wars going on that can last for many years, however they are all fairly localized in comparison to chaotic times that have gone by. Since nuclear weapons and their ultimate deterrence, they amount of big clashes between major countries has been almost non existent - world war 2 was the last time things descended into a "total war" environment on a global scale and are hopefully the last time humanity will ever be that stupid again. We should be very grateful for the times we are living through at the moment and seek to extinguish the few remaining wars between countries that smolder today.

[tygeade]

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.

I do agree that when economy goes bad for a while, in return it gets a little better after that. We have seen how terrible it got, and we are going to probably see how great it can get soon enough. We have seen inflation stop for a while too, so we are going to see rates drop, and inflations drop, and going back to normal days. I wish we could have like 2% inflation, that would be perfect, all around the world, every nation. Because that would mean it is good for growth but it is not too high that people would get poor neither, it would work for everyone and would be perfect number.

Anything above 5% is becoming a tough one, and anything more than 10% is just insane, and we are seeing 20%+ yearly back to back for a while now, and that is not normal.

A lot of nations hides their inflation too, I see USA say stuff like 7% to 11% whatever at some point, when food prices increased like 50%, that is not normal and just because some items do not go up like that, doesn't mean that all stays the same. In the end, we are getting better, and economic situation is growing and getting better. We need to just focus on how to get a better result, it would definitely protect every citizen in the world.

[BALIK]

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.

If you live in the United States, if he is elected it will be a good thing for you because I also believe that Trump will be able to significantly improve the American economy as well as bring America back to greatness. But if we are not American citizens, do not hope that Trump can improve the world situation better, that is not easy and not necessarily what Trump wants.

As we know, during his previous term he also introduced many policies that were detrimental to allies as well as many other countries around the world, especially the economic war with China. Therefore, do not hope that Trump will be able to improve the world situation and that other countries will benefit if he is elected.

[mich]

Well yes I do think we have a economic situation and it is bad. When I fill up my scooter with gas it costs me more money. And when I buy the same groceries from the store it is now more then it used to be. 

I really do think most people that isnt rich does feel that way. And it is only those people that does not care right now about this bad economy.

[Yeesha]

The current economy situation is extremely bad, due to the economy we are living in now, I don't think that they will be getting the actual inflation rate, because inflation has become a daily basis now in some country, especially Nigeria, since the COVID 19  pandemic things has been getting out of hand, and we have been thinking that maybe it was because of the situation we were back then, but even after the pandemic things was getting worse and till date is still worsened day by day, a lot of people are dieing due to hunger.

But till now we still hope and pray that everything should come to pass one day, because the economy are now less productive.

[Captain Corporate]

Unfortunately not only it is bad, but the hopeless part is that its looking like its going to get even worse. I am not saying that for the whole world, I can't know what other nations are living, but I am not making enough to even survive let alone live, and I am not really making anything that low, there are many people who are making half of what I make and still trying to survive. Governments manage the economy terribly and expects us to live a worse life and be ok with it, the sadder part is that their supporters will end up saying living a worse life is ok too, and make some excuses about it. Why would we live a bad life just to be able to afford it, why is it so hard to want to have a better life? I think weaponizing their voters is a way of protecting their corruption at this point.

[Cookdata]

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 only thing I will Pick from your factors is post-pandemic effect, many countries are yet to get their shit together since time. Remember that some countries weren't balance more than a year and there were another viral of pandemic after the general one in some countries. This hit hard on many countries, even US is still trying to completely fight off inflation but the current percentage doesn't seem to sustainable and that's why they are still increasing CPI rate monthly.

However, ther are some countries that are not affected by the things you mentioned, they are known to have bad leaders that are very corrupt, best in manipulating the citizens and looting the country dry and all this hinders them from going forward in economical growth.

[ChiBitCTy]

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.

"Who knows".  This is typically find I find myself telling myself when it comes to this question, which working in finance is a question that I or my clients find ourselves asking pretty much every year.

As for your second bullet point, rising interest rates in the US.  I think that is going to start leveling out and I'm not sure it's supposed to continue the way it has now that inflation has "come back to earth".  I think moving forward me might start seeing inflation stay around where it is right now, but we shall see.

[passwordnow]

The current economy situation is extremely bad, due to the economy we are living in now, I don't think that they will be getting the actual inflation rate, because inflation has become a daily basis now in some country, especially Nigeria, since the COVID 19  pandemic things has been getting out of hand, and we have been thinking that maybe it was because of the situation we were back then, but even after the pandemic things was getting worse and till date is still worsened day by day, a lot of people are dieing due to hunger.

But till now we still hope and pray that everything should come to pass one day, because the economy are now less productive.

Whether the inflation rate is based monthly or yearly, I guess that you're right that they won't be showing the actual percentage of how high the inflation comes. It's hard to deal with such situations when you're not prepared for it but we have to find ways in order for us to defeat it.
Everyone has their own way of beating it but it's not going to happen for most and they'll be the one beaten by it. But even so, everyone is doing their best to cope up to their situation and trying all of the means of living just to survive. That's a terrible description when many folks are just living to survive not to live.

[Coyster]

Yeah, the global economic situation is bad, but it is worse in some countries than in others. For example the situation is dire in my country, we are scourged with huge foreign debts, inflation, corruption, high cost of governance, etc, so it is really that bad over here, compared to some parts of Europe and the United States.

Things are so bad in my country that huge protests rocked the nation today and is going to go on for the next one week and more, the people have risen to say "enough is enough" and demanding that the government work to make their situation better.

[Maslate]

For anyone who sole depends on the current economy situation of his country, they may ended being disappointed because things might not just work out as expected, not because the government are not interested on seeing them work out, but because they lack the ability and capacity of making the right ones happened with the economy, if we look more better, we could discover that this also is a global challenge as many countries were found being under this same economic challenge and inflation is extremely dealing with every aspects.

Exactly. No one is excuse from this global challenge that we all are experiencing nowadays. It's just that while others have been affected too much, some are still managing their individual economy well because they have prepared before this inflation hits them and have been buying and hodling bitcoin ever since, and now they are already making positive profits from bitcoin while increasing their bitcoin investment. If people will stick only in fiat and won't start investing in crypto, they will never get out from poverty wherein inflation will certainly hit them hard.

[South Park]

For anyone who sole depends on the current economy situation of his country, they may ended being disappointed because things might not just work out as expected, not because the government are not interested on seeing them work out, but because they lack the ability and capacity of making the right ones happened with the economy, if we look more better, we could discover that this also is a global challenge as many countries were found being under this same economic challenge and inflation is extremely dealing with every aspects.

Exactly. No one is excuse from this global challenge that we all are experiencing nowadays. It's just that while others have been affected too much, some are still managing their individual economy well because they have prepared before this inflation hits them and have been buying and hodling bitcoin ever since, and now they are already making positive profits from bitcoin while increasing their bitcoin investment. If people will stick only in fiat and won't start investing in crypto, they will never get out from poverty wherein inflation will certainly hit them hard.

The dilemma is that the economy has been made to work out for those at the top and not for the majority of the people, so when you need to be very wealthy already or you need to be very smart to identify great investment opportunities just to stay afloat, then it is not surprising the majority of the people out there are struggling and they have no way to make it under the current economy, and as long as this is the case, there is no reason to expect for the economy to improve as people do not see the need to contribute to it if they cannot get a decent standard of living in return.

[CageMabok]

The current economy situation is extremely bad, due to the economy we are living in now, I don't think that they will be getting the actual inflation rate, because inflation has become a daily basis now in some country, especially Nigeria, since the COVID 19  pandemic things has been getting out of hand, and we have been thinking that maybe it was because of the situation we were back then, but even after the pandemic things was getting worse and till date is still worsened day by day, a lot of people are dieing due to hunger.

That is very sad when you say that there are many people dying of hunger at this time in Nigeria, because in some other countries after experiencing the impact of the COVID-19 pandemic they were still able to recover by improving their own economic sectors even though the changes themselves were not immediate and significant. But at least no one is dying of hunger due to worse conditions like what you said, especially for countries that are not experiencing war or anything like that at this time so that is really very sad.

[Abiky]

It's really sad to see the economy of the world under going recession and as days goes by that's how the conditions of things are getting more worse and the government is not doing anything tangible to fight inflation which is so bad. The poor people in the society, get poorer and the rich people even though they have enough for themselves and their families but in one way or the other they are also feeling the impact of the inflation.

What I feel it's the major reason why the world is experiencing a tough economic situation is due to the impact of the COVID 19 pandemic, ever since then the world hasn't really recovered totally as they used to be as most countries are still struggling to recover from the shock. Conflicts between two or more countries also leads to unstable economic situation.

They're not doing anything because it's not in their best interests to do so. Higher prices = more taxes for the government. Central banks are just "playing games" with the general public. If they were serious about inflation, don't you think they would've adopted "extremely-hawkisk" measures by now? The first thing world governments need to do is cut spending. Especially on foreign wars. Rising national debt (like it's been happening in the US) will only make matters worse in the long run.

I think it's "game over" for all of us. The "Elites" (otherwise known as the rich) will live happily ever after, while the poor will live in despair. Will Bitcoin fix all of the world's problems? I'm yet to see if that will happen. Here's hoping for the best.