Obama says leaders have advanced world economy

Speaking at G-20 summit, US president says economy is recovering, but "it needs to be speeded up;" calls on private sector to create jobs.

November 12, 2010 10:30
1 minute read.
Obama with South Korea's President Lee Myung-bak

obama korea 311. (photo credit: Associated Press)


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

US President Barack Obama said Friday the global economy is "back on the path to recovery," although he and his G-20 summit partners must work further to resolve differences over trade and currency issues.

Obama said he needs "extra time" to reach agreement with longtime ally South Korea on a new free-trade agreement. He said he "wasn't interested in making an announcement" just to send a signal of success and said he thinks any such pact can — and must — be a "win-win" deal for the United States.

Obama: Economy won't recover if US borrows money
'Divided Washington will help economy'

Be the first to know - Join our Facebook page.

Of the global economy, Obama said that while improvements have been made in a number of areas, he and other leaders recognize "progress hasn't come quickly enough," particularly in the area of job creation.

"We have a recovery," he said when asked about lingering high joblessness in America.

"It needs to be speeded up. Government cannot hire back the 8 million people that lost jobs," he said. "That needs to be done by the private sector," he said of the economic woes back home in the United States.

Obama rejected suggestions that he had been weakened on the world stage by election losses at home. He said that leaders around the world — particularly in Asia — are eager to work with America on economic and security matters.

Asked about continuing differences with China over what the United States considers as unfair trade and currency practices, Obama said he has long spoken out for a growing and vibrant China.

"It is undervalued. And China spends enormous amounts of money intervening in the market to keep it undervalued," he said of China's currency.

Related Content

Antiquities are unwrapped as thousands of priceless antiques from across war-ravaged Syria are gathe
August 19, 2018
India’s looted past and terrorism funding