Leaders of the G-20 nations are being invited to Washington for a summit November 15th focusing on the global financial crisis.
White 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.