July 10, 2009 Obama: Recession recovery 'a long ways off' Play video

(NECN: L'Aquila, Italy) - President Barack Obama is hailing discussions at the G-8 summit, saying the world must come to grips with chronic problems like economic stagnation and climate change.

Summing up three days of talks with fellow leaders in Italy, Obama said he and others have agreed that a full recovery from the global economic recession is "a long ways off."

He also noted that he and the leaders of other industrialized nations had productive discussions about limiting the proliferation of nuclear weapon systems.

Obama told reporters that many difficult challenges still confront the world's leaders, saying "we can either shape our future or let events shape it for us."

*Material from The Associated Press used in this report*