G-20 Summit a turning point in global economic slump: Obama

The US President Barack Obama praised the agreement of the G-20 nations to act together in this financial crisis and said it is a turning point in this global economic slump.

"I'm pleased that after two days of careful negotiation, the G20 nations have agreed on a series of unprecedented steps that I believe will be a turning point in our pursuit of a global economic recovery," Obama said.

Observing that the only way out of a recession, which is global in scope, is with a response that is global in coordination, Obama said, following the G-20 summit: "All of us are now moving aggressively to get our banks lending again.

All of us are working to spur growth and create jobs."

PTI