Obama concludes summit, says world's full economic recovery 'still a ways off'
Published Friday July 10th, 2009
L'AQUILA, Italy - U.S. President Barack Obama says the world apparently has averted economic collapse but "full recovery is still a ways off."
Obama, speaking at the end of the Group of Eight summit of major economic powers, says world leaders have taken significant measures to address economic, environmental and global security issues.
He cites a "widespread consensus we must continue our work to restore economic growth and restore our financial regulatory systems."
Obama notes, however, that the leaders have failed to agree on all issues, including global warming, saying "We have not solved all our problems".
Those problems include international security.
Obama told reporters that world leaders "remain seriously concerned about the appalling events of Iran's presidential election," including the government's crackdown on protesters.
He said the world would "take stock of Iran's progress" in coming days and watch its behaviour.
The president said world leaders have made clear that for Iran to take its "rightful place" in the world, the country must adhere to international standards and behave responsibility.
Leaders at Friday's meetings also committed themselves to a $20 billion initiative to help farmers in poor countries boost production.
Asked about his appeal to fellow leaders for the aid, Obama said he talked about his father, who was born in Kenya.
"The telling point is when my father travelled to the United States from Kenya to study ... the per capita income of Kenya was higher than South Korea's."
Now, Obama said, South Korea is industrialized and relatively wealthy while Kenya, as well as much of Africa, is still struggling economically.
"There is no reason why African countries can't do the same" and rise out of poverty with modern and open institutions, Obama said.
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