Obama Urges World Leaders to Boost International Demands
Even before the G20 Summit next month, President Barack Obama has urged leaders from developed countries to boost international demands in order to save the global economy from recession, adding that governments should inject more money to the economy so it will result to more production and higher growth rate.
A month before world leaders will meet in London, President Barack Obama urged governments from developed countries to boost international demands by injecting more money to the global economy to save this from the worsening recession.
In an interview with Financial Times, National Economic director Lawrence Summers said that world leaders should prioritize the enhancement of global demand and must work hand in hand to stop recession from going deeper.
”The question on when is the global economy will recover is still unknown as this will depend on how the US can influence other countries to take swift actions to enhance productivity and demand that will revive the overall economy”, Summers said.
Meanwhile, Obama has long been promoting policies that will increase productivity and demand by injecting billions of dollars in the economy. While the President’s decision is popular for majority of Americans, almost all Republicans oppose him, saying that huge spending may not be the best way to address the problem as this may possibly aggravate the situation.
On April 2, G20 (countries which are fully-industrialized), will meet in London to discuss plans on how to address the global financial crisis.
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