Leaders representing 85 percent of the world’s economic output were gathering Thursday in a U.S. city that has reinvented itself, hoping to bolster the global economy.
The Group of 20 will meet for two days to focus on the worldwide financial crisis, and plot how to avoid a repeat in the future.
The White House is using the economic summit to showcase Pittsburgh — a city that President Barack Obama says has exhibited an innovative 21st-century recovery after a well-publicized downfall following the shuttering of much of the city’s steel industry.
Pittsburgh “has transformed itself from the city of steel to a center for high-tech innovation — including green technology, education and training, and research and development,” the president said.
Most of the world leaders have come from New York, where they attended the start of the U.N. General Assembly. The G-20 gathering is Obama’s first time hosting a major international summit.
“As the leaders of the world’s largest economies, we have a responsibility to work together on behalf of sustained growth, while putting in place the rules of the road that can prevent this kind of crisis from happening again,” the president said in a statement ahead of the gathering.
The tightening of global financial regulations is expected to top the summit’s agenda and comes as some major economies are beginning to recover. Germany, France and Japan have announced that they have emerged from recession, prompting hopes that the worst of the financial crisis may have passed.