Credit ratings agency S&P Global forecasted on Thursday that the COVID-19 pandemic caused credit losses for world banks of around $2.1 trillion. Compared to 2019, losses will double to $1.3 trillion in 2020.Agency said 60% of the forecast credit losses will arise in Asia-Pacific but that the highest relative increases will occur in North America and Western Europe. “Should the COVID-19 pandemic prove to be worse or last longer than our current base case economic forecasts assume, then a combination of higher credit losses and lower earnings will inevitably hit banks across the world,” the agency concluded.