Warning! Full SPOILERS ahead for Avengers: Endgame!
The upcoming sequel Spider-Man: Far From Home takes place not long after the events of Avengers: Endgame, which saw a major narrative time-jump for its characters, resurrecting those who fell in Avengers: Infinity War five years later. IGN has learned that includes not only Peter Parker but also many of those closest to him as well.
Endgame begins just weeks after the events of Infinity War, which was set in 2018. Then, after the Avengers kill Thanos but fail to retrieve the Infinity Stones to undo the Decimation, the story jumps forward five grim years, which thus brings the current MCU timeline up to the year 2023.
Source: IGN.com How Spider-Man: Far From Home Will Deal With Endgame