G20 vows to work together to boost global economy

By the Associated Press | September 23, 2011 | 12:50 AM EDT

SEOUL, South Korea (AP) — The Group of 20 leading advanced and emerging economies say they will work together to boost the struggling global economy and financial system.

The G-20 voiced the resolve in a statement, saying 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."

South Korea's Ministry of Strategy and Finance released the statement in Seoul on Friday. South Korea is a G-20 member.

The G-20 also said, "We commit to take all necessary actions to preserve the stability of banking systems and financial markets as required."

The release came as global markets have plunged amid worries the world economy is heading back into recession.