BLEAK IMF, OECD FORECASTS A WAKE-UP CALL FOR G20: AUSTRALIAN PM.

LONDON, April 1 Asia Pulse - Dire new economic forecasts are "a wake-up call" for G20 leaders meeting in the British capital with a brief to fix the global financial system, Australian Prime Minister Kevin Rudd says.

Leaders have begun converging on London for the one-day summit on Thursday.

US President Barack Obama was due in the capital amid heavy security on the presidential Marine One helicopter from Stansted Airport north of London late on Tuesday.

In the meantime, in one of a series of public appearances, Mr Rudd told an Australian Business lunch on Tuesday that the OECD's interim economic outlook, released the same day, expected its 30-member economies to contract by 4.3 per cent in 2009.

This was coupled with International Monetary Fund (IMF) growth forecasts for 2010 pared back from three per cent predicted only a few months ago to between 1.5 and 2.5 per cent.

"These numbers are a wake-up call for the G20 leaders meeting in London," Mr Rudd said.

The IMF now predicted growth for 2009 of between minus 0.5 and minus 1 per cent.