United Nations: Expressing concerns over fragile economic recovery and volatile markets, US President Barack Obama on Wednesday said America will work with emerging economies to create new markets that promote global growth.
Obama said the worst financial crisis three years ago proved a fact that "our fate is interconnected; in a global economy, nations will rise, or fall, together."
"Recovery is fragile. Markets are volatile. Too many people are out of work. Too many others are struggling to get by. We acted together to avert a Depression in 2009. We must take urgent and coordinated action once more," he said addressing the UN General Assembly.
Noting that emerging economies from Asia to the Americas have lifted hundreds of millions from poverty, Obama said "we will work with emerging economies that have rebounded strongly, so that rising standards of living create new markets that promote global growth. That is what our commitment to prosperity demands."
He said America stands by its European allies as they reshape their institutions and address their own fiscal challenge.
For other countries, leaders face a different challenge as they shift their economies towards more self-reliance, boosting domestic demand while slowing
inflation.
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