But Brown told the G20 finance ministers that retreating too rapidly from the fiscal plans risked resulting in 'a downward lurch' in economic confidence.

The finance ministers' meeting has been called to lay the groundwork for a G20 summit later this month in the US city of Pittsburgh, which is to be hosted by President Barack Obama.

The two-day meeting comes about one year after the US investment bank Lehman Brothers imploded sending shockwaves around the world economy.

In addition to the world's leading industrial powers such as Germany, France, and Canada, the G20 also includes emerging powerhouse economies including India, China and Brazil.