President Barack Obama said Friday the world apparently has averted economic collapse but a “full recovery is still a ways off.”…He cited a “widespread consensus we must continue our work to restore economic growth and restore our financial regulatory systems.”
As investors fret about the timing of an economic recovery, U.S. President Barack Obama warned that a turnaround in the global slump is still “a ways off” and said world leaders can’t let up on their efforts to boost growth.
“While our markets are improving and we appear to have averted global collapse, we know that too many people are still struggling,” Obama told reporters after a three-day summit of Group of Eight and other world leaders here. “We agreed that full recovery is still a ways off, that it would be premature to begin winding down our stimulus plans.”
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