US President Barack Obama said here on Friday that the economic recovery efforts taken by the Group of 20 members have saved world economy from the brink of collapse.

Those "significant steps to secure our recovery" have brought the global economy "back from the brink," and have "laid groundwork for prosperity," the president said at a news conference held right after the conclusion of the third G20 summit, convened in Pittsburgh on September 24-25.

Obama said the just-concluded summit "forged new framework for sustainable, balanced growth."

"Coordinated stimulus plans avoided catastrophe, but need to make sure when growth returns, jobs do, too," he said.

"We can't grow complacent. New framework allows each of us to oversee each others policies," said the president, referring to a new "mutual review" progress of macroeconomic policies between G20members agreed at the summit.

G20 members also agreed to "bring transparency to derivatives market, strengthen capital standards, tie executive pay to long-term performance," he said.

They also agreed to "phase out fossil fuel subsidies. All nations have a responsibility to meet this challenge (of climate change)," Obama added.

Moreover, the G20 summit "will shift more responsibility to emerging economies and help lift people out of poverty," said the US president.

(Xinhua News Agency September 26, 2009)