In 2022 there was a severe global crisis where 2/3s of G20 members were experiencing inflation rates over 7%. This was an indicator of an economic recession in most G7 members, because many countries like Germany were dependent on Russian oil and gas. This meant that when sanctions were implemented, output of major economies like Germany were reduced significantly. This is because, oil is a significant factor of production. In late 2023 sanctions are still being implemented, because of this how likely is a major economic depression in 2024?