LONDON (Reuters) – The coronavirus crisis will cost banks across the world a combined $2.1 trillion in losses on loans by the end of next year, credit ratings agency S&P Global estimated on Thursday.

This year is expected to see a $1.3 trillion hit, more than double the 2019 level, S&P predicted. Around 60% of the losses are likely to be in Asia-Pacific it added, though the highest relative increases — more than double on average compared with 2019 — will occur in North America and Western Europe.

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