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The global credit crunch has cost governments more than $10 trillion, the International Monetary Fund (IMF) says.
The IMF has also been revising its estimates of the cost of the global downturn on government budgets.
It now says that overall, the rich countries of the G20 group will suffer a budget deficit of 10.2% of economic output or gross domestic product (GDP) in 2009, the largest for most countries since World War II.
The largest projected budget deficits are in the US, with 13.5% of GDP, the UK, with 11.6%, and Japan 10.3%.
However, the UK will have the largest projected budget deficit of all G20 countries by 2010, at 13.3% of GDP, compared to 9.7% for the US.
The IMF estimates - prepared ahead of the G20 summit of world leaders in Pittsburgh in September - also show how much long-term damage the crisis is doing to public finances.
It estimates that by 2014, government debt will reach 239% of GDP in Japan, 132% in Italy, 112% in the US, and 99.7% in the UK.
Proportionately, however, the rise in the UK is the biggest - with debt more than doubling from 44% in 2007.