Obama says G20 leaders must set path of growth

Obama said ahead of a G20 summit that the global economic leaders must set a path of sustainable growth while avoiding the "imbalances of the past."

Obama says G20 leaders must set path of growth

President Barack Obama said on Tuesday in a statement ahead of a G20 summit that the global economic leaders must set a path of sustainable growth while avoiding the "imbalances of the past."

Obama, who will attend the Pittsburgh summit on Sept. 24-25, said the world economies are in better shape than they were a year ago with trade expanding, stresses in financial markets having abated and financial institutions raising needed capital.

But the G20's work is far over, said Obama.

He said leaders at the G20 summit will "have a responsibility to work together on behalf of sustained growth, while putting in place the rules of the road that can prevent this kind of crisis from happening again," he said.

"To avoid being trapped in the cycle of bubble and bust, we must set a path for sustainable growth while steering clear of the imbalances of the past," he said.

This will be a key part of the G20 agenda going forward and the Pittsburgh Summit can be an important milestone in those efforts, Obama said.

Reuters
Last Mod: 08 Eylül 2009, 18:19
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