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G20 must act to pursue reform, spark growth: Obama

Last Updated: Friday, June 25, 2010 - 23:46

Washington: US President Barack Obama on Friday called on world leaders meeting at the G20 summit in Toronto this week to strive for financial reform, spur growth and bolster the global economy.

Obama noted that this weekend`s gathering in the Canadian business hub was the third summit of G20 developed and developing nations since he took office last year, and would be preceded by a G8 rich nations summit.

He said previous meetings had pulled the global economy back from the brink of disaster and cemented a fight for balanced growth.

"This weekend in Toronto I hope we can build on this progress by coordinating our efforts to promote economic growth, to pursue financial reform, and to strengthen the global economy," Obama said at the White House.

"We need to act in concert for a simple reason: This crisis proved and events continue to affirm that our national economies are inextricably linked.

"And just as economic turmoil in one place can quickly spread to another. Safeguards in each of our nations can help protect all nations."

Bureau Report

First Published: Friday, June 25, 2010 - 23:46
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