World has avoided economic disaster, Obama says

L'AQUILA, Italy – Lasting worldwide recovery "is still a ways off," President Barack Obama declared Friday, but he also said at the concluReckless actions by a few have fueled a recession that spans the globe," Obama said of the meltdown that began in the United States with a tumble in housing prices and drastic slowing of business lending. The downturn now threatens superpowers and emerging nations alike.
Obama urged national leaders to unite behind a global recovery plan that includes stricter financial regulation and sustained stimulus spending.
"The only way forward is through shared and persistent effort to combat threats to our peace, our peace, our prosperity and our common humanity wherever they may exist. None of this will be easy," Obama told a news conference at the end of the Group of Eight summit of major economic powers.sion of a global summit that a disastrous economic collapse apparently has been averted........................................................On the world economy, Obama said that rising food prices mean millions more are falling into desperate poverty "and right now, at this defining moment, we face a choice. We can either shape our future or let events shape it for us."..............................."While our markets are improving and we appear to have averted global collapse, we know that too many people are still struggling. So we agree that full recovery is still a ways off." He said the world leaders felt "it would be premature to begin winding down our stimulus plans."
Earlier in the week, the 186-nation International Monetary Fund released an updated economic forecast, predicting that the global economy will shrink 1.4 percent this year, the worst performance in the post-World War II period. That forecast was slightly worse than the 1.3 percent decline the IMF predicted in April.
The international lending agency did see prospects improving for next year with global growth forecast to climb to 2.5 percent, up from an April projection of 1.9 percent.
Leaders at Friday's meetings also committed themselves to a $20 billion initiative to help farmers in poor countries boost production. (SOURCE:YAHOO NEWS)
Here goes Mr.president with something really happy and cheerfull to say in times where bad news have become the norm,I reaally thin theat specially in these hard times ,we all must work hand in hand with each other to get stability