Obama satisfied with G20 summit outcome

Source: Xinhua | 04-03-2009 13:08

LONDON, April 2 (Xinhua) -- U.S. President Barack Obama has called the one-day London Summit "very productive" and "historic," saying it was the first major step in tackling the world economic challenges.

"By any measure the London Summit was historic," he told a news conference following discussions with other G20 leaders, "not only because of the size and scope of the challenges we face, but also because of the timeliness and magnitude of our response."

"The challenge is clear, and the global economy is retracting," he said, noting the world is now at the "turning point of our economic and global recovery."

"Today the world's leaders have responded with a set of unprecedented and coordinated actions," Obama said. The strong consensus in rejecting protectionism and the agreements reached at the summit signaled support for open markets, he added.

"History tells us that turning inward can help turn a downturn into a depression," Obama said. "Today we have learnt the lessons of history and we are committed to growth and job creation."

"In an age where our economies are more closely linked than ever before, the whole world is touched by this devastating downturn," the president said.

He said there had been agreements on facilitating "bold action to help developing countries" and injecting huge sums into the International Monetary Fund (IMF) to help struggling economies.