LONDON - Concluding his first international summit, President Barack Obama hailed agreements at the emergency meeting of world powers Thursday as a "turning point in our pursuit of global economic recovery."

The new U.S. leader said the heads of industrial countries that met in London agreed on "unprecedented steps to restore growth and prevent a crisis like this from happening again."

He spoke shortly after G-20 leaders pledged an additional $1.1 trillion in financing to the International Monetary Fund and other global institutions and declared a crackdown on tax havens and hedge funds. The leaders announced the creation of a supervisory body to flag problems in the global financial system _ but did not satisfy calls from the U.S. and others for new stimulus measures.

Despite that failure, Obama called the one-day London gathering "very productive" and historic because of the scope of the challenges the world faces in righting the economic crisis that's wreaking havoc on virtually every country.

"The challenge is clear. The global economy is contracting," Obama said.

In a news conference packed with media from across the world, Obama also praised the G-20 nations for rejecting protectionism that hampers foreign trade and could deepen the economic crisis, and he urged global unity, saying, "We owe it to all of our citizens to act."

Still, he said, "it is hard for 20 heads of state to bridge our differences."

"I think we did OK," he said. "When I came here it was with the intention of listening and learning but also providing American leadership."

He said the document the G-20 produced and actions that will follow "reflect a range of our priorities."

"We wanted to make sure we had a strong, coordinated response to growth" and "we thought it was important we had a strong,coordinated regulatory response," Obama said _ and added that both were achieved.

When asked, however, he could not point to an individual summit accomplishment that would help recession-battered Americans beyond general points such as fighting protectionism and making the global economy work together.

"This is not a panacea, but it is a criticial step," Obama said.

He declined to specify where the White House compromised, saying the final communique reflected a consensus of world leaders.

"Each country has its own quirks or issues that a leader may decide was really really important," Obama said.

He said he was committed to "forging a consensus instead of dictating our terms" and argued that the United States acting alone would only be "half-way effective, not even half."

On his whirlwind, weeklong European trip, the new U.S. president also met privately with other heads of state on the sidelines of the summit.

He said he had had productive one-on-one talks with leaders of Russia, China, Great Britain and India, on topics that included ways to "reduce the nuclear threat" throughout the world. He called for a coordinated response to North Korea's plans to launch a multistage rocket in the coming days.

Earlier Thursday, Obama and South Korean President Lee Myung-bak agreed on a need "for a stern, united response from the international community" in light of North Korea's efforts toward a threatened satellite launch, and the White House announced that Lee would visit Obama in Washington on June 16.

Officials said the two leaders also discussed a free trade pact between the countries that would slash tariffs and other barriers to trade.

Obama has hinted he might seek to renegotiate a 2007 deal between South Korea and the U.S. that was hammered out under former President George W. Bush but that legislators in the two countries failed to ratify amid opposition from farmers and labor groups. Officials said Obama told Lee that he understood there were difficulties with the deal on both sides, but that he wanted to "make progress" on it.

Obama also met on Thursday with Indian Prime Minister Manmohan Singh to discuss how their countries could work together. Obama had been expected to reassure Singh about plans to boost aid to India's rival, Pakistan.

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