Obama says global economy on 'path to recovery'

While Obama talked optimistically about world economic prospects, he did express caution.
"We risk slipping back into the old imbalances which created the economic crisis in the first place," Obama said.

"The 20 major economies gathered here are in broad agreement on the way forward."
The president said that means keeping the focus on "balanced and sustained growth" across the globe.

"Countries with large surpluses must shift away from unhealthy dependency on exports," he said, adding, exchange rates "must reflect economic realities."

On another issue, Obama said he needs "extra time" to reach agreement with longtime ally South Korea on a new free-trade agreement. He said he "wasn't interested in making an announcement" just to send a signal of success, and said he thinks any such pact can and must can be a "win-win" deal for the United States.

Of the global economy, Obama said while improvements have been made in a number of areas, he and other leaders recognize "progress hasn't come quickly enough," particularly in the area of job creation.