Business | Economy

World leaders pledge action plan to fight crisis

World leaders at G20 summit pledge action to ward off recession and prevent future global financial meltdowns.

  • Agencies
  • Published: 08:55 November 15, 2008
  • Gulf News

  • King Abdullah Bin Abdulaziz of Saudi Arabia (left) and French President Nicolas Sarkozy attend the G20 summit at the White House.
  • Image Credit: AP
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Washington: World leaders have pledged action to ward off recession and prevent future meltdowns and planned to agree on a road map for future financial reforms.

However, hopes for major breakthroughs at the G20 summit were low with host President George W. Bush leaving office in two months.

"We share a determination to fix the problems that led to this turmoil," Bush said at a White House dinner for leaders of the Group of 20 advanced and developing economies.

Leaders and ministers from 19 nations and the European Union are joining talks on Saturday on how to boost their economies.

A draft communiqué has prepared for the summit, which will contain an "action plan" outlining concrete proposals, European G20 sources said.

The global financial crisis has already kicked the euro zone, the world's second largest economic block, into recession.

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