World rightly concerned about state of economy - US President

Business Materials 16 October 2008 23:27 (UTC +04:00)

US President George W Bush on Thursday said he recognized global concerns about the far reaches of the financial crisis and reiterated that wealthy nations were working together to bring markets under control.

Speaking at the signing of a trade extension deal with four Latin American nations, Bush said all nations were in the middle of carrying out comprehensive plans to stabilize financial markets, reported dpa.

"Across the world, citizens are concerned about the financial crisis. And they should be," Bush said. "Our governments are working together to address it."

Bush met over the weekend with financial ministers from the world's 20 leading economies. US markets have both risen and fallen sharply this week.

With US exports being one of the main drivers of a sagging US economy this past year, Bush touted global trade as the best means of improving growth in the long run.

"It's in the interests of the United States that prosperity spreads throughout our neighborhood," Bush said as he signed the Andean Trade Preference Act Extension, which extends a trade deal with Peru, Colombia, Bolivia and Ecuador.