Despite financial crisis, nations must not adopt reforms that threaten free enterprise - George Bush

Business Materials 25 October 2008 19:30 (UTC +04:00)

U.S. President George W. Bush says despite diving stock markets and fears of global recession, now is not the time for nations to abandon open market policies, the Associated Press reported.

Bush used his weekly radio broadcast Saturday to address anxiety about the financial meltdown.

The president calls for patience, expressing confidence the economy will eventually rebound.

He says steps the government has taken to stabilize the economy, such as the passage of a US$700 billion rescue plan, are beginning to show results.

Bush is hosting a meeting of world economic leaders on Nov. 15 in Washington. He calls on the leaders at the summit to recommit themselves to the fundamentals of "long-term economic growth - free markets, free enterprise and free trade."