President Obama called the G20 summit on Thursday a turning point in the effort to pursuit of global economic recovery and praised the nation's joint efforts as a historic step on the road to stability.

After the G20 signed the document pledging to make $1 trillion to stimulate the global economy, Obama said the summit was historic because of the size and scope of the challenges and because of the timeliness and magnitude of our response.

It is hard for 20 leaders of states to bridge their differences, we've all got our own national policies, but our citizens are hurting, they need us to come together,” Obama said in a news conference.

He called for persistence in monitoring whether further action is needed, and said he was pleased that the G20 leaders agreed to meet again in the fall.

Our problems are not going to be solved in one or two meetings,” Obama warned, however.

“This is not a panacea, but it is a critical step and it lays the foundation. The actions we've taken so far not succeed in boosting global demand and growth, but we create a good foundation for this leadership to come back together again and take additional steps until we get it right, he concluded.