As the world grappled to cope up with the "worst global recession in a generation," President Barack Obama on Tuesday said that prosperity in countries like India and China is good for the US and West as it opens new markets for them and pushes their businesses to innovate.

"We meet in the midst of the worst global recession in a generation. I believe that the market is the greatest force for creating and distributing wealth that the world has known," Obama said addressing the 'New Economic School' here.

However, he said that wherever the market is allowed to run rampant -- through excessive risk-taking, a lack of regulation or corruption -- "then all are endangered, whether we live on the Mississippi or the Volga."

"And while this crisis has shown us the risk that comes with change, that risk is overwhelmed by opportunity. Think of what's possible today that was unthinkable two decades ago. A young woman with an Internet connection in Bangalore, India can compete with anyone, anywhere. An entrepreneur with a start-up in Beijing can take his business global," he said.

"... That's good for all of us because when prosperity is created in India, that's a new market for our goods; when new ideas take hold in China, that pushes our businesses to innovate; when new connections are forged among people, all of us are enriched," Obama said.

He said the greatest resource of any nation in the 21st century is its people, and the countries, which tap that resource, are the countries that will succeed.