Obama: World economy needs urgent action

United Nations - US President Barack Obama told the United Nations on Wednesday that the world must take “urgent and coordinated” action to rescue the global economy.

“We stand with our European allies as they reshape their institutions and address their own fiscal challenge,” Obama said in a speech at the UN General Assembly. “For other countries, leaders face a different challenge as they shift their economies towards more self-reliance, boosting domestic demand while slowing inflation.”