Using the word "depression" is an unjustified leap into headline...

Using the word "depression" is an unjustified leap into headline politics.
We're nowhere near that territory, which would require a lot of things to be much worse than they are.
However we probably are in the start of a mild recession now. The Treasury would say we're not because we haven't had the figures to show it, but of course the figures lag behind the actual economic performance, not to mention subsequent revisions.

Where the world economy and ours will end up depends on a lot of things - war, and its consequences, some of which are already impinging on us, like disruption of trade; weather events and there have been lots of those in many places, but there is nothing new in periods of unusual weather events; and of course political disruption and we've seen a lot of that in many many places lately. All of this contributes to variability in economic stability and it's just going to be one of those periods.