World Has Avoided Economic Disaster, Obama Says... - NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |

World Has Avoided Economic Disaster, Obama Says...

Associated Press - July 10, 2009 11:43 AM ET

L'AQUILA, Italy (AP) - President Barack Obama says the world has apparently averted economic collapse, but a lasting recovery is still "a ways off."

He's blaming the meltdown on the "reckless actions" of a few. And he's crediting actions by world leaders with staving off global financial disaster.

But Obama says world leaders must continue working to restore economic growth. He's urging them to unite behind a global recovery plan that includes stricter financial regulation and sustained stimulus spending.

He spoke in Italy as this week's Group of 8 economic summit wrapped up.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.