U.S. alone cant be engine of global economic growth
Wednesday, 21 July 2010, 19:51 IST
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Washington: America cannot be the only engine of global economic growth, US President Barack Obama said today and added that world countries need to develop another model of growth in which their economy do not rely on export to the U.S. "In the first G-20 visit that I made in April (last year), to England, I was very clear to the rest of the world that what they cannot rely on is an economic model in which the United States borrows, consumers in the United States borrow -- we take out home equity loans; we run up credit cards to purchase good from all around the world," Obama said at a joint White House Press availability with the visiting British Prime Minister David Cameron. "We cannot alone be the economic engine for the rest of the world's growth.
Source: PTI
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