G-20 a turning point in global slump: Obama

The US President Barack Obama today 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 in his weekly radio address.

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."

He said: "And all of us have agreed on the most sweeping reform of our financial regulatory framework in a generation -¿ (a) reform that will help end the risky speculation and market abuses that have cost so many people so much."

With the American economy inextricably linked to the global economy, worldwide coordination is needed to restore lending, spur job growth, reform financial regulation and ultimately fix our economy, he said.

"If people in other countries cannot spend that means they cannot buy the goods we produce here in America, which means more lost jobs and more families hurting," he said.

Referring to the latest unemployment figures, Obama said it has gone up to millions after the onset of recession.

"If we continue to let banks and other financial institutions around the world act recklessly and irresponsibly, that affects institutions here at home as credit dries up, and people can't get loans to buy a home or car, to run a small business or pay for college," he said.