G20 Vows To Work Together To Boost Global Economy

SEOUL, South Korea (AP) - G20 nations are vowing to work together to boost the struggling global economy and financial system.

In a statement released today in South Korea, the Group of 20 leading advanced and emerging economies says its finance ministers and central bank governors are "committed to a strong and coordinated international response to address the renewed challenges facing the global economy."

The statement comes as global stock markets have plunged amid worries the world economy is heading back into recession.

The G-20 says some of the main challenges that need to be addressed are "financial system fragility, market turbulence, weak economic growth and unacceptably high unemployment."

The G-20 has assumed the leading role in coordinating policy responses to the global economy since the financial crisis that began in September 2008.