Leaders of the G-20 nations are being invited to Washington for a
summit November 15th focusing on the global financial crisis.
House officials say the leaders will discuss ways to keep such a crisis
from happening again. The G-20 includes major industrialized nations
and key emerging-market countries like China, India and Brazil.
Earlier, British Prime Minister Gordon Brown said the global downturn
is likely to cause a recession in Britain and elsewhere. He spoke as
prices were falling sharply on stock markets around the
world. Investors appear focused on a flurry of poor corporate profit
reports from major companies.
Some key U.S. stock indexes were down
almost four percent in Wednesday's trading. The main European
stock indexeswere down around four percent, while key indexes in Tokyo
and Hong Kong were off more than five percent at the close.
The economic crisis has even slowed China's roaring growth, and the
government has announced efforts to help the property market by easing
taxes and reducing some requirements for buying homes.