London (CNN Business) The United States, Europe, Japan, China and India are unleashing trillions of dollars in government spending and newly created money as they desperately attempt to keep the global economy from sinking into depression.

The response to the coronavirus pandemic has been unprecedented in terms of speed and scale. Commitments from governments and central banks to date are close to $7 trillion, according to an analysis by CNN Business. The total includes government spending loan guarantees and tax breaks, as well as money printing by central banks to buy assets such as bonds and stock funds.

The figure includes the $2 trillion US relief package working its way through Congress and an anticipated 30 trillion yen ($274 billion) in stimulus from Japan that could be approved next month. In Europe, CNN Business tallied stimulus efforts by the biggest economies: Germany, France, the United Kingdom, Italy and Spain.

The combined effort dwarfs the response to the 2008 financial crisis, which smashed records at the time. But economists worry even the Herculean efforts undertaken so far won't be sufficient should the crisis extend beyond June.

"The [$2 trillion US] stimulus package is likely the bare minimum needed to offset the current drag from the outbreak," Bank of America economist Joseph Song told clients Thursday. "The economy will likely need close $3 [trillion] in fiscal stimulus, if not more."

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