As U.S. President George Bush hosted world leaders in Washington, President-elect Barack Obama praised his predecessor for calling the meeting to seek a global solution to a global problem.

"I''m glad President Bush has initiated this process - because our global economic crisis requires a coordinated global response," Obama said in the Democratic Party''s weekly radio address.

More than 20 world leaders gathered in Washington at Bush''s invitation for closed-door talks on Saturday to seek coordinated solutions to the global financial crisis.

Russian President Dmitry Medvedev said on Saturday he was hopeful the meetings would be successful.

In his radio address, Obama went on to say that domestic solutions were also needed, and called for immediate action to boost the U.S. economy.

"As we act in concert with other nations, we must also act immediately here at home to address America''s own economic crisis," he said.

"I urge [Congress] to pass at least a down-payment on a rescue plan that will create jobs, relieve the squeeze on families, and help get the economy growing again," the president-elect said, vowing that if nothing is done before Bush leaves office, it will be his first priority after the inauguration.

He said that as well as providing help for unemployed Americans, the plan must include "the kinds of long-term investments that we''ve neglected for too long."

"That means putting two million Americans to work rebuilding our crumbling roads, bridges, and schools," Obama said.