Obama says US cannot carry ‘world economy on our back’
BRISBANE, Australia (AFP) — President Barack Obama yesterday said the United States cannot “carry the world economy on our back” and urged G20 leaders to work harder to create jobs by revving up growth.
His appeal during a speech on the sidelines of the G20 summit in Brisbane comes with the US economy finally kicking into gear just as challenges emerge elsewhere to the world growth outlook, notably in Europe, China and Japan.
“Over the last few years the US has put more people back to work than all other advanced economies combined,” Obama said, with the US unemployment rate falling to 5.8 per cent in October, its lowest level since July 2008.
“But America can’t be expected to just carry the world economy on our back.
“So here in Brisbane the G20 has a responsibility to act, to boost demand and invest more in infrastructure and create good jobs for the people of all our nations.”
G20 nations, which make up 85 per cent of the world economy, plan to meet the goal by accelerating infrastructure investment, financial reform and encouraging free trade.
He said the US “will continue to promote economic growth that is sustained and shared” and work to “tear down barriers to trade and investment and combat the corruption that steals from so many citizens,” the US president said.
