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The economy may be tanking, but Time magazine spared no expense on its annual year-end awards for 2008. This week, the news magazine delivered its verdict on the top 10 biggest happenings of the year, spanning 50 different categories. And as in years past, games were party to the proceedings.

Microsoft and Bungie Studios’ Xbox 360-exclusive sci-fi shooter Halo 3 took home the crown last year. For 2008, Time has named Take-Two’s multiplatform action adventure Grand Theft Auto IV as its top game. As per Time‘s noted tech writer Lev Grossman, GTAIV received the honor because it’s “a grade-A shoot-’em-up that doubles as an interactive novel and triples as a sly critique of American consumer culture.”

GTAIV is sure to be a staple of many a gaming outlets’ Game of the Year awards, but Time also included a few sleeper hits in its 2008 awards. Braid, an Xbox Live platforming puzzler that received glowing praise from GameSpot, ranked second on the magazine’s list, while other dark horses included Hunted Forever at eighth and Fieldrunners at ninth.

The remainder of Time‘s awards went to awards-season frontrunners. Notable runners-up included Little Big Planet, Rock Band 2, Gears of War 2, and Spore.

The news magazine’s top 10 games of 2008 are listed in full below.

1. Grand Theft Auto IV

2. Braid

3. Little Big Planet

4. Rock Band 2

5. Gears of War 2

6. Dead Space

7. Star Wars: The Force Unleashed

8. Hunted Forever

9. Fieldrunners

10. Spore

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