Obama seeks global action to counter downturn

WASHINGTON: US president Barack Obama called for ���bold, comprehensive and coordinated action��� to end the global economic downturn on Tuesday as he prepared for an evening news conference to explain his recovery strategy to a recession-weary public.

Writing in a column published in 30 leading newspapers around the world, Obama urged leaders of the Group of 20 major economies to follow the US lead by taking action to stimulate their economies until global demand is restored.

���We are living through a time of global economic challenges that cannot be met by half measures or the isolated efforts of any nation,��� Obama wrote ahead of the G20 summit he will attend in London in early April.

���The leaders of the Group of 20 have a responsibility to take bold, comprehensive and coordinated action that not only jump-starts recovery, but also launches a new era of economic engagement to prevent a crisis like this from ever happening again.���

In his second prime-time news conference, at 8 pm EDT on Tuesday, Obama plans to explain his economic strategy to Americans angered over executive bonus payments and concerned about the country���s direction. The news conference comes a day after Treasury Timothy Geithner announced details of a plan to help rid banks of $1 trillion in bad assets.